This paper explored the characteristics of the interannual sea surface temperature (SST) variability in the equatorial Pacific by analyzing the simulated data from a newly coupled general circulation model (CGCM). The CGCM simulates well the realistic ENSO variability as well as the mean climatologies including SST, seasonal cycle, precipitation, and subsurface structures. It is argued that the zonal gradient of SST in the equatorial Pacific is responsible for the over-energetic SST variability near the equatorial western boundary in the model. This variability could also be related to the strong westward propagation of SST anomalies which resulted from the enhanced the zonal advection feedback. The simple two-strip model supports this by sensitivity tests. Analysis of the relationship between zonal mean thermocline depth and NINO3 SST index suggested that the ENSO variability is controlled by the recharge-discharge oscillator of the model. The lead-lag regression result reveals that heat buildup process in the western equatorial Pacific associated with the increase of the barrier layer thickness (BLT) is a precedent condition for El $Niwidetilde{n}o$ to develop.