Perovskite solar cells have been attracting more and more attentions due to their extraordinary performances in the photovoltaic field. In view of the highest certified power conversion efficiency of 25.5% that is much lower than the corresponding Shockley-Queisser limit, understanding and quantifying the main loss factors affecting the power conversion efficiency of perovskite solar cells are urgently needed. At present, the three loss mechanisms generally recognized are optical loss, ohmic loss, and non-radiative recombination loss. Including the trap-assisted bulk recombination and surface recombination, the non-radiative recombination is proved to be the dominant recombination mechanism prohibiting the increase of efficiency. In this work, based on semiconductor physics, the expressions of bulk and surface recombination currents are analytically derived. Then taking the optical loss, series and shunt resistance losses, and bulk and surface recombination losses into considerations, an equivalent circuit model is proposed to describe the current density-voltage characteristics of practical perovskite solar cells. Furthermore, by comparing to the drift-diffusion model, the pre-defined physical parameters of the drift-diffusion model well agree with the fitting parameters retrieved by the equivalent circuit model, which verifies the reliability of the proposed model. For example, the carrier lifetimes in the drift-diffusion model are consistent with the recombination factors in the equivalent circuit model. Moreover, when the circuit model is applied to analyze experimental results, the fitting outcomes show favorable consistency to the physical investigations offered by the experiments. And the relative fitting errors of the above cases are all less than 2%. Through employing the model, the dominant recombination type is clearly identified and split current density-voltage curves characterizing different loss mechanisms are offered, which intuitively reveals the physical principles of efficiency loss. Additionally, through calculating the efficiency loss ratios under the open-circuit voltage condition, quantifying the above-mentioned loss mechanisms becomes simple and compelling. The prediction capability of the model is expected to be enhanced if a series of light intensity dependent current density-voltage curves are fitted simultaneously. Consequently, this model offers a guideline to approach the efficiency limit from a circuit-level perspective. And the model is a comprehensive simulation and analysis tool for understanding the device physics of perovskite solar cells.