On the basis of previous parameterization schemes, considering both the wave breaking and absorbed at critical level, a parameterization with a continuous spectrum of gravity waves is realized by introducing a momentum flux density function for the wave spectrum, and then the parameterization scheme of the gravity waves is improved. Choosing parameter values of the background atmosphere and waves based on the observations, a more realistic equatorial quasi-biennial oscillation (QBO) driven by the incorporated drag from the planetary and gravity waves can be simulated. The numerical results indicate that the forcing magnitude of the planetary and gravity waves varies with the wind field, and in some phases of the QBO, the contribution of the gravity waves is comparable with that of the planetary waves. After the QBO is steadily formed, its amplitude and period and wind configuration are relevant to the effect of vertical diffusion and the momentum flux distribution with spectrum, however, independent of the initial background wind field. Moreover, for any given nonzero initial background wind, a steady QBO can be finally generated due to the incorporated drag from the planetary and gravity waves.