Liquid slip at hydrophobic surfaces in microchannels has frequently been observed. We present here an analytical solution for oscillating flow in parallel-plate microchannels by combining the electrokinetic transport phenomena with Navier's slip condition. Our parametric results suggest that electrokinetic transport phenomena and liquid slip at channel walls are both important and should be considered simultaneously. Their significance depends on channel wall material, electrolyte concentration, and pH. For pressure-driven-flow, liquid slip counteracts the effect by the electrical double layer and induces a larger flow rate. A higher apparent viscosity would be predicted if slip is neglected. For electroosmotic flow, liquid slip alters the flow rate by about 20% for a thick electrical double layer. Our results provide design guidelines to precisely control time-dependent microflow in hydrophobic microfluidic microelectromechanical system devices.