In this paper, a developed theory of a novel approach of the wave concept iterative process (WCIP) method is presented. This method is well used to demonstrate many attractive properties of metamaterials and to analyze metamaterial-based negative refractive index lenses by easy and speedy computation of the electromagnetic field distribution. These metamaterial-based circuits are established by using periodic L–C and C–L networks. The results of simulation using the proposed method are justified theoretically.