This paper presents the ac impedance study and analysis of a proton exchange membrane (PEM) fuel cell operated under various loading conditions. Ballard’s 1.2 kW Nexa™ fuel cell used for this study is integrated with a control system. The PEM fuel cell stack was operated using room air and pure hydrogen (99.995%) as input. Impedance data were collected for the fuel cell to study the behavior of the stack and groups of cells under various loads. Single cell impedance analysis was also performed for individual cells placed at different locations in the stack. The ac impedance analysis, also known as electrochemical impedance analysis, showed low frequency inductive effects and mass transport losses due to liquid water accumulation at high current densities. Results show that the stack run time to achieve steady state for impedance measurements is important. Using impedance plots, the average Ohmic resistance for the whole stack was estimated to be , the same value obtained when summing the resistance value of all individual cells. Impedance analysis for groups of cells at different locations in the stack shows changes in both polarization resistance and capacitive component only in the low frequency region. At high frequencies, single cell inductive and capacitive behavior varied as a function of location in the stack. The effects of artifacts on the high frequency loop and on the high and low frequency intercept loops are also discussed.