Different from the extant power flow analysis methods, this paper discusses the power flows for the unified power quality conditioner (UPQC) in three-phase four-wire systems from the point of view of impedance matching. To this end, combined with the designed control strategies, the establishing method of the UPQC impedance model is presented, and on this basis, the UPQC system can be equivalent to an adjustable impedance model. After that, a concept of impedance matching is introduced into this impedance model to study the operation principle for the UPQC system, i.e., how the system changes its operation states and power flow under the grid voltage variations through discussing the matching relationships among node impedances. In this way, the nodes of the series and parallel converter are matched into two sets of impedances in opposite directions, which mean that one converter operates in rectifier state to draw the energy and the other one operates in inverter state to transmit the energy. Consequently, no matter what grid voltages change, the system node impedances are dynamically matched to ensure that output equivalent impedances are always equal to load impedances, so as to realize impedance and power balances of the UPQC system. Finally, the correctness of the impedance matching-based power flow analysis is validated by the experimental results.