Depth control is crucial for underwater vehicles, not only to perform certain tasks that require the vehicle to be still at a given depth but also because most propeller-driven vehicles waste a considerable amount of energy to counteract the passively tuned positive buoyancy. The use of a variable buoyancy system (VBS) can effectively address these items, increasing the energetic efficiency and thus mission length. Achieving accurate depth controllers is, however, a complex task, since experimental controller development in sea or even in test pools is unpractical and the use of simulation requires accurate vertical motion models whose parameters might be difficult to obtain or measure. The development of simple, yet comprehensive, dynamic models for devices incorporating VBS is therefore of upmost importance, as well as developing procedures that allow a simple determination of their parameters. This work contributes to this field by deriving a unified model for the vertical motion of a VBS actuated device, irrespective of the specific technological actuation solution employed, whether it be electromechanical or electrohydraulic. A concise analysis of the open-loop stability of the unified model is presented and a straightforward yet efficient procedure for identifying several of its parameters is introduced. This identification procedure is designed to be convenient and can be carried out in shallow waters, such as test pools, while its results are applicable to the deeper water model as well. To validate the procedure, experimental values obtained from an electromechanical VBS actuated device are used. Closed-loop control of the electromechanical VBS actuated device is conducted through simulation and experimental tests. The results confirm the effectiveness of the proposed unified model and the parameter identification methodology.