This paper presents a new method to study the impact factor of an old bridge based on the model updating technique. Using the genetic algorithm (GA) by minimizing an objective function of the residuals between the measured and predicted responses, the bridge and vehicle coupled vibration models were updated. Based on the displacement relationship and the interaction force relationship at the contact patches, the vehicle-bridge coupled system can be established by combining the equations of motion of both the bridge and vehicles. The simulated results show that the present method can simulate precisely the response of the tested bridge; compared with the other bridge codes, the impact factor specified by the bridge code of AASHTO (LRFD) is the most conservative one, and the value of Chinese highway bridge design code (CHBDC) is the lowest; for the large majority of old bridges whose road surface conditions have deteriorated, calculating the impact factor with the bridge codes cannot ensure the reliable results.