This article analyzes a pulsed magnetron discharge. Main attention is devoted to the specific behavior of the pulsed discharge. The time development of pulsed discharge is composed of three regimes of operation: (1) plasma buildup, (2) stationary plasma, and (3) decaying plasma when the pulse power is off. The duration of individual regimes strongly depends on the pulse length t(1), the repetition frequency f(r) of pulses, the power delivered into the discharge, and the operating pressure. The proportion of duration of the regime of plasma buildup to the regime of stationary plasma in the pulse dramatically influences the I-V characteristics of the pulsed discharge and the deposition rate of sputtered films. The I-V characteristics of an unbalanced round planar magnetron with a Cu target 100 mm in diameter are shown. The deposition rate of Cu films sputtered with the pulsed magnetron is also given.