High-voltage electro pulse rock-breaking is a green breaking technology, which can achieve high efficiency of rock-breaking. It has a wide application prospect in deep and ultra-deep well drilling and tunnel driving in the future. Pursuant to the time delay characteristics of the gas discharge switch in the electro pulse boring (EPB) system, the equivalent model of the discharge circuit is established based on the time-varying resistance model. With this model, the real-time parameters such as voltage, current and discharge energy can be predicted in the EPB process of different rocks. In line with the arrangement of coaxial cylindrical electrodes, a 25 mm electrode drill bit is designed, and an EPB experiment system is developed based on the transformer step-up pulse power supply. The electro pulse breaking of red sandstone, yellow sandstone, concrete and granite, and the complete drilling of 60 mm diameter in red sandstone and concrete are realized, and EPB rules of different rocks are obtained. The real-time curves of electrical parameters in different rocks are collected by electrical parameter tester. The model parameters are identified based on the least square method of unconstrained nonlinear optimization. The current curve fitted by the identification parameters and the current curve obtained from the experiment are featured in high coincidence and good follow-up, which proves the accuracy of the optimized model and parameter identification. The optimization of the discharge circuit model and the identification of the model parameters based on EPB experiment are of great significance to guide the selection of the technological parameters of EPB, improve the efficiency of rock-breaking and reduce the energy loss in the drilling process.