This paper presents an equivalent circuit model of a LIPB (Li-Ion Polymer battery) for Hybrid Electric Vehicles (HEVs). The proposed equivalent circuit can be used to predict the charging/discharging characteristics in time domain as well as the impedance characteristic analysis in frequency domain. Based on these features, a one-cell model is established as a function of Depth of Discharge (DoD), and a 48-cell model for a battery pack was also established. It was confirmed by experiment that the proposed model predict the discharging and impedance (AC) characteristics quite accurately at different constant current levels. To check the usefulness of the proposed circuit, the model was used to simulate a motor driving circuit with an Insulated Gate Bipolar Transistor (IGBT) inverter and Brushless DC (BLDC) motor, and it is confirmed that the model can calculate the battery voltage fluctuation in time domain at different DoDs.