Based on the consideration of physical processes in a heterostructure with quantum wells (QW), its equivalent circuit is constructed including a barrier capacitance and a differential resistance of the p-n junction, capacitance and resistance of charge relaxation in QW, and resistance of free charge carrier delivery to QW. Analytical expressions for the equivalent capacity and equivalent resistance of the heterostructure for a serial substitution circuit are derived, and behavior of the equivalent parameters attendant to changes of the test signal frequency is analyzed. Results of experimental investigation of the capacitive and resistive properties of the heterostructures with QW based on the InGaN/GaN barriers confirm the calculated dependences of their equivalent parameters and demonstrate their dependence on the special features of the kinetic properties of the heterostructures.