This paper proposes an equivalent circuit model of magnetic coupled coil for wireless power transfer in conductive medium. By analyzing the Z-parameters of the coupled two coils in conductive medium, the equivalent circuit model considering the coupling characteristics and the eddy current loss was presented. This proposed model makes it possible to predict the phase change of the induced voltage in conductive medium by considering of real part of transfer impedance. Also, this model can be used to predict the eddy current loss in conductive medium for inductive power transfer (IPT). The proposed model was verified through the measurement of Z-parameters in air, 5.6 S/m, 9.6 S/m water and the 3D EM simulation.