A mathematical model capturing the steady-state and transient thermal characteristics of a Loop Heat Pipe (LHP) is presented. It is intended to provide valuable insights into the static and dynamic LHP system behavior, to be used e.g. for the design of sophisticated thermal control strategies by LHP end users. The model is set up in such a way, that its parameters are both physically meaningful and accessible to a determination based on a non-destructive and pragmatic experimental characterization of the considered LHP. The transient behavior of the LHP is predicted by the model based on separate calculation and update of the internal mass flow rates and phase distributions. It has been applied successfully to two different LHPs, as used in common satellite applications. Numerical results of the steady-state characteristics show an excellent agreement with corresponding experimental results, proving the reliability and transferability of the approach proposed. An in-depth transient analysis of one selected LHP is presented using characteristic heat load profiles, common for LHP space applications.