Using Exploration of energization and Radiation in Geospace (ERG or Arase) spacecraft data, we studied low-frequency magnetic field and energetic particle flux oscillations and high-frequency waves deep in the inner magnetosphere at a radial distance of ~4–5 (Formula presented.) during substorm dipolarization. The magnetic field oscillated alternately between dipole-like and taillike configuration at a period of (Formula presented.) 1 min during dipolarization. When the magnetic field was dipole-like, the parallel magnetic component of the Pi2 waves was at trough. Both energetic ion and electron fluxes with a few to tens of kiloelectronvolts enhanced out of phase, indicating that magnetosonic waves were in slow mode. Field-aligned currents also oscillated. These observations are consistent with signatures of ballooning instability. In addition, we found that broadband waves from the Pi1 range to above the electron cyclotron frequency tended to appear intermittently in the central plasma sheet near dipole-like configuration.