This paper presents an impact dynamic analysis of a percussive system based on rotary-percussive ultrasonic drill (RPUD). The RPUD employs vibrations on two sides of one single piezoelectric stack to achieve rotary-percussive motion, which improves drilling efficiency. The RPUD's percussive system is composed of a percussive horn, a free mass, and a drill tool. The percussive horn enlarges longitudinal vibration from piezoelectric stack and delivers the vibration to the drill tool through the free mass, which forms the percussive motion. Based on the theory of conservation of momentum and Newton's impact law, collision process of the percussive system under no-load condition is analyzed to establish the collision model between the percussive horn, the free mass, and the drill tool. The collision model shows that free mass transfers high-frequency small-amplitude vibration of percussive horn into low-frequency large-amplitude vibration of drill tool through impact. As an important parameter of free mass, the greater the weight of the free mass, the higher the kinetic energy obtained by drill tool after collision. High-speed camera system and drilling experiments are employed to validate the inference results of collision model by using a prototype of the RPUD.