A new equivalent circuit model (ECM) of a Li-ion battery is developed in this study. The developed model is utilized to obtain the dynamic electrical response of the battery when it is deformed under external force. Compared with other models, this model is developed based on a modified Thevenin model, and the parameters of the developed model are relevant to state of charge, the battery surface temperature, and the deformation. In this study, to obtain the real electrical response of the battery when it deformed under external force, batteries that are compressed by different deformations from 0 to 5 mm are studied with pulse discharging tests. Then, the parameters of the circuit elements are identified by a differential evolution algorithm based on the data obtained from these tests. Moreover, the data from the pulse discharging tests of batteries compressed by 3.5, 4.25, and 4.5 mm and the data from the pulse charging tests of batteries compressed by 0 and 1 mm are used to verify the parameters. The results illustrate that the battery capacity should drop significantly when the battery is severely deformed, but the battery still can be charged and discharged. Most importantly, the discharging curves of these tested deformed batteries are similar to those of undeformed ones. Moreover, the developed new ECM can predict the dynamic electrical response of a deformed battery accurately.