Impedance Spectroscopy (IS) is a general term for the technique referring to small-signal measurements of the linear electrical response of a domain of interest. This method is based on the analysis of the system’s electrical response to yield helpful information about its domain-dependent physicochemical properties (generally, the analysis is carried out in the frequency domain). Nowadays, there are many areas of application where IS can be used to evaluate or enhance the development of emerging products and processes. As a contribution to this field of research, this paper presents relevant theoretical–practical aspects of the interpretation and analysis of the electrical behavior of materials based on IS and IS modelling. The work starts by historically introducing IS and then goes through different domains of application of the technique, such as Materials Science and correlated areas. Afterwards, an introduction to IS usage for constructing equivalent electrical circuits is presented, aiming at modelling the materials’ electrical behavior, followed by examples from the literature that use the two possible circuit development approaches, the series and the parallel association of circuit elements. Lastly, the authors present a case study of their most recent efforts of a circuit model development of relative humidity (RH) sensors based on heterogeneous mixed metal oxide (MMO) nanostructures, used to understand and identify existing contributions to the overall electrical response of the sensors to moisture; in their case, the electrical response of the MMO sensors was modelled with a high level of superposition between the experimental and fitted data, using a parallel combination of circuit elements, which is an unconventional one.