This paper describes the equivalent-circuit model of a metamaterial composed of conducting spheres and wires. This model involves electromagnetic coupling between the conductors, with retardation. The lumped-parameter equivalent circuit, which imports retardation to the electromagnetic coupling, is developed in this paper from Maxwell's equation. Using the equivalent-circuit model, we clarify the relationship between the retardation and radiation loss; we theoretically demonstrate that the electromagnetic retardation in the near-field represents the radiation loss of the meta-atom in the far-field. Furthermore, this paper focuses on the retarded electromagnetic coupling between two meta-atoms; we estimate the changes in the resonant frequencies and the losses due to the distance between the two coupled meta-atoms. It is established that the dependence characteristics are significantly affected by electromagnetic retardation.