The transverse deflecting cavity can be used to transform particle distributions in the 6D phase space, which makes it a promising component in phase space beam diagnostics and beam manipulations. In the Advanced Photon Source (APS) Linac, a LOLA-type traveling wave deflecting cavity was installed for the diagnostics of beam characteristics, such as the bunch length, bunch temporal profile, time-dependent energy spread and slice (time-correlated) transverse emittance. In this paper, this deflecting cavity is modeled and analyzed with the numerical method. The effects of the center cell and coupler cell dimensions on the performance of the whole structure are studied, which shows the coupler cell radius has a dominant effect over the coupler cell length and slot width on the global reflection coefficient and field flatness. Important RF parameters, such as S-11, field flatness and phase advance etc., of the LOLA-II cavity in tuning are calculated and discussed. After optimization, the field flatness of the cavity is 2.1%, the phase advance is 119.66 degrees degrees with a standard deviation smaller than 0.5 degrees and the bandwidth is 15.738 MHz when VSWR < 1.1 (i.e. the S-11, < -26 dB). Bead-pull measurements and RF conditioning have been also performed and discussed. Finally, the initial cavity commissioning with electron beam of 375 MeV is reported, and compared with simulation.