In this paper, firstly, the structural features and operating conditions of a universal motor are presented. Alternating current (AC) and direct current (DC) operating conditions of the motor and the difference between them are explained. Universal motors give similar speed and torque characteristics on both AC and DC operations when the effective current is kept equal. When AC and DC operations are compared, the differences arise because of, transformer voltage, armature reaction, reactance voltage, saturation effects and commutation. The motor is modeled dynamically by using MATLAB/Simulink and these differences are analyzed and compared with the experimental.