To meet the demands of low frequency, small size, light weight and high power in the underwater application, a z-structured piezoelectric transducer (ZPT) is innovated, and its equivalent circuit representation is derived. In configuration, ZPT employs the bender beam to implement z-shaped structure for the compact design. In mechanics, ZPT utilizes the coupled longitudinal-bending vibration to produce a large output at a low frequency. In order to study the electro-mechano-acoustical behavior of ZPT, an equivalent circuit model is built based on the conception of analogy, and subsequently solved through the matrix-based methodology. The crux of this model lies in the derivation of the representation about the beam. The corresponding simulations indicate that the effect of the bender beam on ZPT is significant, and its connecting function and bending vibration makes it possible for ZPT to achieve the performance of compact structure and low frequency. The tests of the transducer prototype show that our ZPT has the size of Φ70 × 110 mm, the weight of ∼1.056 kg without housing and the transmitting voltage response (TVR) of 124.9 dB at the resonance frequency of 2.088 kHz. The experimental results show a good agreement with the equivalent circuit simulations of the ZPT. The benefits about low frequency, small size and light weight of the ZPT are attributed to its z-structured design and coupled longitudinal-bending vibration.