The transient dynamics of atomic spins under oscillating and static magnetic fields have been studied in the spin-exchange relaxation-free (SERF) regime with a dual-beam configuration. The spin-relaxation rate can be accurately measured by detecting the transient response signal of the free induction decay (FID) process within several milliseconds. Leveraging this convenient method for measuring a large relaxation rate in a small cell volume, the dependence of the spin-relaxation rate on the probe intensity and ambient magnetic field was studied in the limit of low spin polarization. Moreover, by theoretical analysis of the dynamic evolution of the Rabi oscillation generated by a consecutive oscillating field and a small static magnetic field, we experimentally demonstrate that the amplitude of the Rabi oscillation is affected by the amplitude of the oscillating field in the SERF regime. According to the retrieved frequency of the FID signal and amplitude of relevant Rabi oscillation, the coil constants were 75.55 ± 0.78~nT/mA, 151.5 ± 0.9~nT/mA, and 116.6 ± 0.3~nT/mA along the x-, y-, and z-axes, respectively.