The airborne interferometric SAR platform suffers from instability factors, such as air turbulence and mechanical vibrations during flight. Such factors cause the oscillation of the flexible baseline, which leads to significant degradation of the performance of the interferometric SAR system. This study is concerned with the baseline oscillation. First, the error of the slant range model under baseline oscillation conditions is formulated. Then, the SAR complex image signal and dual-channel correlation coefficient are modeled based on the first-order, second-order, and generic slant range error. Subsequently, the impact of the baseline oscillation on the imaging and interferometric performance of the SAR system is analyzed. Finally, simulations of the echo data are used to validate the theoretical analysis of the baseline oscillation in the airborne interferometric SAR.