In order to describe the supercapacitor’s external characteristic more correctly during working process, the classical equivalent circuit model of supercapacitor was developed into a time varying equivalent circuit model, and the parameters of the time varying equivalent circuit model were identified through the least square algorithm with finite memory. The classical and the time varying equivalent circuit models were simulated and compared with the same experimental data under the platform of Matlab/Simulink. The results show that the time varying equivalent circuit model is of higher accuracy and able to reflect the dynamic characteristic of supercapacitor more precisely.