Pacemaker electrocardiograms (ECGs) have to be interpreted in the same systematic way as any other ECG tracing. In addition to the normal steps, however, an analysis of the pacing mode, of any arrhythmia involved, of pacemaker malfunction, and of dedicated pacemaker algorithms must be performed in a ‘step-up’ fashion from simple to complex. Some of these steps may require information about the pacemaker model and programmed parameters. Pacemaker malfunction consists of either pacing or sensing malfunction. Pacing malfunction occurs as ineffective pacing (i.e. loss of capture), either in the atrium or in the ventricle. In loss of capture, the pacing spike is visible in the ECG but is not followed by a P wave or QRS complex. Sensing malfunction consists of either under- or oversensing. In undersensing, intrinsic activity (P wave, QRS complex) is not detected and pacing is not inhibited. Therefore, the atrial or ventricular stimulus occurs earlier than expected, typically shortly after an intrinsic P wave or QRS complex. Oversensing is defined as sensing of unwanted signals by the atrial or ventricular lead. Sources of oversensing can be cardiac (e.g. far-field R-wave oversensing in the atrium, T-wave oversensing in the ventricle), other biological signals (e.g. pectoral or diaphragmatic myopotent oversensing), or electromagnetic interference (e.g. electrocautery, magnetic resonance imaging). Oversensing inhibits the scheduled pace and can therefore cause bradycardia and asystole. A systematic approach to pacemaker ECG is the basis for improving our diagnostic capabilities and improving the management of patients implanted with a cardiac device.