In this study capacitance and dielectric loss factor were measured with low-voltage signal and the simulation of equivalent circuits for the data was conducted. As the result it was shown that the equivalent circuit model considered the grain-boundary structure with semiconducting layer, dielectric layer and depletion layer was well approximated with the observed data. Various parameters were determined by a optimum curve-fitting method and could be used to analyze the characteristics of varistor. It also seems that the proposed equivalent circuit model will be adopted for other BL type varistors.