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Parameterization of battery dynamics based on terminal operating data is a main concern in engineering applications of batteries. The key technology is designing an adequate test procedure and a data processing procedure to excite different inner dynamics and then estimate the parameters of a corresponding equivalent circuit model (ECM). This paper proposes a parameter identification method that utilizes the terminal voltage curves (TVC) under step-change current conditions and constant current conditions. With this method, I-V characteristics of battery’s Ohmic resistance, mass diffusion process, thermal process and SOC varying process are decoupled and parametric functions of an ECM are obtained. Experimental results show that the method is easy to be implemented and modeling accuracy is sufficient for applications.