A Sieverts' apparatus coupled with a residual gas analyzer (RGA) is an effective method to detect composition variations during isotopic exchange. This experimental setup provides a tool for the thermodynamic and kinetic characterization of H-D isotope exchange on Pd. The H or D concentrations in the gas and solid phases during the exchanges starting from (H-2 + PdxD) and (D-2 + PdxH) in P-phase Pd were monitored over a temperature range from 173 to 298 K. The equilibrium properties, i.e., the H-D separation factors alpha and equilibrium constants K-HD, were obtained and found to be very close to those in the literature. The values of equilibrium constant reported here are the only experimental K-HD data for H-D-Pd system. The H-D exchange rates on beta-Pd were measured for both exchange directions. A comprehensive kinetic model is proposed that correlates the exchange rate and the driving force composed of the reactant concentrations and the extent of deviation from equilibrium. The rate constants were obtained using this model for two exchange directions. The rates for the two exchange directions were found to be close to each other at 173 K, but they differ with temperature increase in such a way that the (D-2 + PdxH) has a higher rate than (H-2 + PdxD). The exchange activation energies obtained are 2.0 and 3.5 kJ/mol for the (H-2 + PdxD) and (D-2 + PdxH) directions, respectively. The difference in activation energies results from the difference in the energy states of (H-2 + PdxD) and (D-2 + PdxD). The calculated exchange profiles using this model agree with the experimental values reasonably well.