In principle, the recently proposed capacitive-coupling impedance spectroscopy (CIS) has the capability to acquire frequency spectra of complex electrical impedance sequentially on a millisecond timescale. Even when the measured object with time-varying unknown resistance Rx is capacitively coupled with the measurement electrodes with time-varying unknown capacitance Cx, CIS can be measured. As a proof of concept, this study aimed to develop a prototype that implemented the novel algorithm of CIS and circuit parameter estimation to verify whether the frequency spectra and circuit parameters could be obtained in milliseconds and whether time-varying impedance could be measured. This study proposes a dedicated processor that was implemented as field-programmable gate arrays to perform CIS, estimate Rx and Cx, and their digital-to-analog conversions at a certain time, and to repeat them continually. The proposed processor executed the entire sequence in the order of milliseconds. Combined with a front-end nonsinusoidal oscillator and interfacing circuits, the processor estimated the fixed Rx and fixed Cx with reasonable accuracy. Additionally, the combined system with the processor succeeded in detecting a quick optical response in the resistance of the cadmium sulfide (CdS) photocell connected in series with a capacitor, and in reading out their resistance and capacitance independently as voltages in real-time.