The Transmitter-Receiver Probe (TR probe), which has improved signal-to-noise ratio, deep penetration depth, and directional measurement is used in pulsed eddy current testing (PECT). Whereas, the lift-off effect on the TR probe is one of the main obstacles. The purpose of this paper is to analyze the lift-off effects on the TR probe and presents a feature for lift-off estimation. Firstly, an analytical model of a TR probe is given based on previous studies. Secondly, on the basics of the analytical model, the spectrum of the PECT signal is studied, and the lift-off effects on the TR probe are analyzed. Then, the lift-off effects under different coil distances are studied and a D Intersect Point (DIP) is proposed for the lift-off estimation. Results show that the TR probe can be used to reduce the lift-off effect for the non-ferromagnetic materials and the ferromagnetic materials. And both the DIP time and amplitude can be used for lift-off estimation. However, the DIP time is better, as its evolution curve with lift-off is a straight line with the same slope. The study is believed to be helpful for the TR probe design, the lift-off measurement, and the thickness assessment and defect quantification.