To guarantee the safety, high efficiency and long lifetime for lithium-ion battery, an advanced battery management system requires a physics-meaningful yet computationally efficient battery model. The pseudo-two dimensional (P2D) electrochemical model can provide physical information about the lithium concentration and potential distributions across the cell dimension. However, the extensive computation burden caused by the temporal and spatial discretization limits its real-time application. In this research, we propose a new simplified electrochemical model (SEM) by modifying the boundary conditions for electrolyte diffusion equations, which significantly facilitates the analytical solving process. Then to obtain a reduced order transfer function, the Padé approximation method is adopted to simplify the derived transcendental impedance solution. The proposed model with the reduced order transfer function can be briefly computable and preserve physical meanings through the presence of parameters such as the solid/electrolyte diffusion coefficients (Ds&De) and particle radius. The simulation illustrates that the proposed simplified model maintains high accuracy for electrolyte phase concentration (Ce) predictions, saying 0.8% and 0.24% modeling error respectively, when compared to the rigorous model under 1C-rate pulse charge/discharge and urban dynamometer driving schedule (UDDS) profiles. Meanwhile, this simplified model yields significantly reduced computational burden, which benefits its real-time application.