Fully developed oil flow in a smooth circular pipe at a mean Reynolds number of about 2100 was subjected to a nominally sinusoidal flow modulation at frequencies ranging from 0·05−1·75 Hz. It was observed that flow oscillation increased the critical Reynolds number and, under certain conditions, even brought about laminarization of the flow, which would be intermittently turbulent at the mean Reynolds number under quasi-steady (infinitely small oscillation frequency) conditions. The occurrence and extent of laminarization was, however, found to depend on factors such as the intermittency of turbulent puffs in the mean quasi-steady flow, frequency of oscillation, etc. Two series of experiments were performed. In one series, the oscillatory flow was almost completely laminarized. In the other series, the oscillatory flow was fully turbulent. In both the cases, instantaneous velocities in the flow were measured using laser-Doppler anemometry (LDA). The instantaneous velocity was decomposed into time-mean, periodic and random components employing ensemble-averaging techniques. The experiments indicated that the laminarized oscillatory flow behaves very similarly to laminar oscillatory flow at either end of the Strouhal-number range studied. The oscillatory turbulent flow was found to depend on both the Strouhal number and the ratio of the oscillation frequency (f) to some characteristic frequency (ft) of turbulence in the flow. The design of the present experimental facility made it possible to study the flow at f/ft ≈ 1 (‘high’ oscillation frequency), a condition that could not be attained in most previous investigations. Another unique feature of the present experiment was that the viscous sublayer and Stokes layer were both large enough (several millimetres in thickness) to allow detailed measurements to be made in these regions. It was found, that at this high frequency of oscillation, the Reynolds stresses generally remained frozen at an average state during the entire oscillation cycle. The turbulent structure showed significant departures from equilibrium at all times during the oscillation cycle. As a result, there was a net change in the time-mean velocity profile near the wall and a net increase in the time-mean wall shear stress and power loss due to friction. The observation that unsteadiness can indeed affect the mean flow behaviour in a significant way is new and contradicts the view presently held by many researchers (based on their studies at relatively low oscillation frequencies, i.e. f/ft [Lt ] 1). The data also indicated that the direct interaction between oscillation and the turbulent structure was essentially confined to the Stokes layer. The study suggests that (again contrary to the existing belief) quasi-steady turbulence models may not be adequate to describe unsteady flows when the time scale of unsteadiness is comparable to that of dominant turbulent eddies.