This paper presents a bipedal locomotion model for passive dynamic walking with flat feet and compliant ankles. The two-dimensional seven-link model extends the simplest walking model with the addition of hip actuation, knee joints, flat feet and torsional springs based compliance on ankle joints, concerning heel-strike and toe-strike transitions, to achieve adaptive bipedal locomotion on level ground with controllable walking speed. We investigate the effects of foot geometric parameters and ankles stiffness on bipedal walking. The model achieves satisfactory walking results not only on even ground but also on uneven terrain with no active control and on different walking velocities. In addition, from the view of stability, there is an optimal foot-ankle ratio of the passivity-based walker. The results can be used to explore further understanding of bipedal walking, and help the design of future intelligent ankle-foot prosthesis and passivity-based robot prototypes towards more practical uses.