Ultrasonic transducer is a piezoelectric actuator that converts AC electrical energy into ultrasonic mechanical vibration to accelerate the material removal rate of workpiece in rotary ultrasonic machining (RUM). In this study, an impedance model of the ultrasonic transducer is established by the electromechanical equivalent approach. The impedance model not only facilitates the structure design of the ultrasonic transducer, but also predicts the effects of different mechanical structural dimensions on the impedance characteristics of the ultrasonic transducer. Moreover, the effects of extension length of the machining tool and the tightening torque of the clamping nut on the impedance characteristics of the ultrasonic transducer are investigated. Finally, through experimental analysis, the impedance transfer function with external force is established to analyze the dynamic characteristics of machining process.