Finite element models should represent the dynamic behavior of real structures accurately to be subsequently used in design purposes. Therefore, finite element model updating methods have been developed in order to decrease the difference between analytical model and modal test results. In this paper, inverse eigensensitivity method as a sensitivity-based model updating method is summarized. Inverse eigensensitivity method with improved sensitivity computation which decreases the total calculation time of the updating procedure is introduced. A method based on the parameter sensitivities is integrated into the developed code in order to decrease the number of model updating parameters making it is possible to update large finite element models. Initially a simple plate structure is considered as an application. An aerospace structure is considered as an example where modal test is performed and modal parameters are extracted. The developed updating method is applied on the finite element model of the aerospace structure and the results of the updated model are compared with experimental ones.