Characterizing material properties of lung parenchyma is essential in order to describe and predict the mechanical behavior of the lung in health and disease. Hence, we aim to identify the viscoelastic constitutive behavior of viable lung parenchyma with a particular focus on the nonlinear, compressible, and frequency-dependent material properties. To quantify the viscoelastic material behavior of rat lung parenchyma experimentally, we performed uniaxial tension tests with different frequencies, including the whole range of physiological frequencies, in combination with full-field displacement measurements (a total of 120 tests on 30 samples of 5 rats). By means of these experimental measurements, we identified the material parameters of two viscoelastic material models applicable to large three-dimensional deformations, i.e., the standard linear solid model and the model of fractional viscoelasticity. Our aim is to identify one set of material parameters that describes the whole range of physiological frequencies; therefore, we utilized a coupled inverse analysis, which equally incorporates all different tensile tests performed on one sample. The model most suitable for the description of the viscoelastic, nonlinear, and compressible material behavior of viable rat lung parenchyma is the strain energy function [Formula: see text] in combination with the model of fractional viscoelasticity (τ=0.06454s,α=0.5378, and β=1.856). This material model was validated to describe the complex nonlinear and compressible viscoelastic material behavior of lung parenchyma and can be utilized in finite element simulations of the whole range of physiological frequencies. Based on this model, it will be possible to quantify the stresses and strains of lung tissue during spontaneous and artificial breathing more reliable in the future.