This paper presents a new jetting dispenser driven by a piezoelectric actuator at high operating frequency to provide very small dispensing dot size of adhesive in modern semiconductor packaging processes. After describing the mechanism and operational principle of the dispenser, a mathematical model of the structured system is derived by considering behavior of each component such as piezostack and dispensing needle. In the fluid modeling, a lumped parameter method is applied to model the adhesive whose rheological property is expressed by Bingham model. The governing equations are then derived by integrating the structural model with the fluid model. Based on the proposed model, dispensing performances such as dispensing amount are investigated with respect to various input trajectories.