In this paper, modal testing and finite element modeling results to identify the modal parameters of a nuclear fuel rod as well as its cladding tube are discussed. A vertically standing full-size cladding tube and a fuel rod with lead pellets were used in the modal testing. As excessive flow-induced vibration causes a failure in fuel rods, such as fretting wear, the vibration level of fuel rods should be low enough to prevent failure of these components. Because vibration amplitude can be estimated based on the modal parameters, the dynamic characteristics must be determined during the design process. Therefore, finite element models are developed based on the test results. The effect of a lumped mass attached to a cladding tube model was identified during the finite element model optimization process. Unlike a cladding tube model, the density of a fuel rod with pellets cannot be determined in a straightforward manner because pellets do not move in the same phase with the cladding tube motion. The density of a fuel rod with lead pellets was determined by comparing natural frequency ratio between the cladding tube and the rod. Thus, an improved fuel rod finite element model was developed based on the updated cladding tube model and an estimated fuel rod density considering the lead pellets. It is shown that the entire pellet mass does not contribute to the fuel rod dynamics; rather, they are only partially responsible for the fuel rod dynamic behavior.