Elastoplastic deformation occurs widely in engineering impact. Although many empirical solutions of elastoplastic impact between two spheres have been obtained, the analytical solution, verified by means of other methods, to the impact model has not been put forward. This paper proposes a dynamic pattern of elastoplastic impact for two spheres with low relative velocity, in which three stages are introduced and elastic and plastic regions are both considered. Finite element analyses with various parameters are carried out to validate the above model. The numerical results prove to agree with the theoretical predictions very well. Based on this model, the dissipation nature of elastoplastic impact are then analyzed, and the conclusion can be drawn that materials with lower yield strength, higher elastic modulus, and higher mass density have better attenuation and dissipation effects. The study provides a basis to predict the particle impact damping containing plastic deformation and to model the impact damped vibration system enrolling microparticles as a damping agent.