We study the fast state of polarization (SOP) rotation of lightwaves propagating in the fiber of optical ground wire under lightning-induced events because of the Faraday effect. Theoretical descriptions have been completed previously based on an instantaneously established uniform magnetic field time-profile. Here we describe more accurately the SOP rotation time-profile, using the retarded field model, taking into account the finiteness of the speed of light both in vacuum and in fiber. An expression for SOP rotation angle is found using the isotropic fiber approximation. Comparison of the retarded field model with the instantaneous field model is given for both sharp (pulse rise time ∼1 μs) and slow (∼10 μs) current pulses.