Ultracapacitors (UCs) are being increasingly deployed as a short-term energy storage device in various energy systems including uninterruptable power supplies, electrified vehicles, renewable energy systems, and wireless communication. They exhibit excellent power density and energy efficiency. The dynamic behavior of a UC, however, strongly depends on its impedance characteristics. In this paper, the impedance characteristics of a commercial UC are experimentally investigated through the well-adopted Electrochemical Impedance Spectroscopy (EIS) technique. The implications of the UC operating conditions (i.e., temperature and state of charge (SOC)) to the impedance are systematically examined. The results show that the impedance is highly sensitive to the temperature and SOC; and the temperature effect is more significant. In particular, the coupling effect between the temperature and SOC is illustrated, as well as the high-efficiency SOC window, which is highlighted. To further verify the reliability of the EIS-based investigation and to probe the sensitivity of UC parameters to the operating conditions, a dynamic model is characterized by fitting the collected impedance data. The interdependence of UC parameters (i.e., capacitance and resistance elements) on the temperature and SOC is quantitatively revealed. The impedance-based model is demonstrated to be accurate in two driving-cycle tests.