In applications such as adaptive inverse control, internal model control, and active noise control, the identification accuracy of the system model and the inverse model directly affects the performance. However, it is not easy to identify inverse models for nonlinear systems. Moreover, existing methods require two identification calculations to obtain the system model and the inverse model. Therefore, an identification method of nonlinear system model and inverse model based on conditional invertible neural network (cINN) is proposed. The invertible structure of cINN enables simultaneous approximation of complex nonlinear functions and simultaneous acquisition of the corresponding inverse functions. Consequently, both the nonlinear system model and the inverse model can be identified concurrently through cINN. Moreover, the identification performance of the cINN-based method is validated and applied to disturbance cancellation in a classical nonlinear simulation system. Finally, the inverse model of the actuator is identified by cINN, and the inverse model is applied to the nonlinear compensation of the actuator.