Accurate models of lithium-ion batteries are important for analyzing and predicting battery dynamics and aging. This paper presents an electrochemistry-based impedance model for lithium-ion batteries to better understand the relationship between battery internal dynamics and external measurement. The proposed impedance model is a modified single particle model which balances between simplicity and accuracy. The model includes electrochemical impedance due to charge-transfer reaction, diffusion dynamics in the electrodes, effects of ion concentration, capacitance dispersion in the double layer, and anode insulating film growth, etc. The impedance tests for model validation were performed on two lithium-ion cells at ambient temperature and at different SOC levels. A particle swarm optimization method is employed to identify model parameters. The model accuracy under different conditions is compared with that of conventional Randles model and the parameter variations at different stage of the aging process are studied.