The interaction between convectively excited waves and the mean zonal wind in the equatorial lower stratosphere is investigated with a simplified general circulation model (GCM). The model has T42 truncation, and the vertical resolution is about 700 m in the stratosphere. Although it is an “aquaplanet” model with uniform sea surface temperature, cumulus convection in low latitudes has realistic hierarchical structures with reasonable space–time spectral distributions. The model produced an oscillation having quite similar features to the equatorial quasi-biennial oscillation (QBO), although the period is 400 days. Waves in the equatorial lower stratosphere of the model are excited mainly by the cumulus convection in low latitudes. The energy of these waves is a little larger than that observed in the real atmosphere. The dominant waves are gravity waves having an equivalent depth of about 200 m and those of 40–100 m. About half of the transport and deposition of zonal momentum contributing to the oscillation is accounted for by the gravest symmetric gravity modes: eastward momentum by Kelvin waves and westward momentum by n = 1 gravity waves. The momentum deposition is done over a wide range of zonal wavenumber (2–30), while about half of it is done over a period of 1–3 days. The deposition has rather continuous phase speed distributions and a considerable portion of it is provided by waves having critical levels. Since gravity waves with small intrinsic phase speeds have small vertical wavelengths, vertical grid spacings of 700 m or less appear to be required in the lower stratosphere for GCMs in order to simulate the QBO.