We report a study of the decay D0→K̄0π-e+νe based on a sample of 2.93 fb-1 e+e- annihilation data collected at the center-of-mass energy of 3.773 GeV with the BESIII detector at the BEPCII collider. The total branching fraction is determined to be B(D0→K̄0π-e+νe)=(1.434±0.029(stat.)±0.032(syst.))%, which is the most precise to date. According to a detailed analysis of the involved dynamics, we find this decay is dominated with the K∗(892)- contribution and present an improved measurement of its branching fraction to be B(D0→K∗(892)-e+νe)=(2.033±0.046(stat.)±0.047(syst.))%. We further access their hadronic form-factor ratios for the first time as rV=V(0)/A1(0)=1.46±0.07(stat.)±0.02(syst.) and r2=A2(0)/A1(0)=0.67±0.06(stat.)±0.01(syst.). In addition, we observe a significant K̄0π- S-wave component accounting for (5.51±0.97(stat.)±0.62(syst.))% of the total decay rate.