This work proposes a semi-physical equivalent circuit model for GaN-based high electron mobility transistor (GaN HEMT), taking into account the non-ideal effects of both current source and resistance-capacitance components. The current source model is built based on both device operation and multiple interfaces setup for the important non-ideal effects, such as self-heating effect, channel length modulation, short channel effect, and so on. Moreover, according to the improved Meyer capacitance model with fringe capacitances, the nonlinear capacitances of GaN HEMT are modeled with a dependence on the bias voltages and gate geometry. The extraction of the model parameters is implemented accurately and efficiently in MATLAB through genetic algorithm. Moreover, the capacitance model is established to be mathematically simple and SPICE-compatible for the design of GaN-based integrated circuits (GaN ICs). The static and dynamic characteristics of GaN ICs have been simulated with an excellent agreement with the experimental results, validating that the established and well-packaged equivalent circuit model can be of great help to GaN HEMT development and ICs design.