A cyclic plasticity constitutive model was developed for materials with asymmetric cyclic behavior to explain the stabilized stress–strain response under variable amplitude loading. The proposed constitutive model incorporated the von Mises yield function with an adjustment to accommodate asymmetric yielding under tension and compression. A combined isotropic–kinematic hardening model was proposed to describe the evolution of the yield surface in the reference uniaxial frame and the actual frame. The history of plastic deformation is memorized by introducing internal variables, accumulated slip, and residual twins, which govern the cyclic flow behavior in the subsequent reversal. The additional conditions required to predict the stabilized hysteresis response of a material under variable amplitude loading were set out and incorporated into the constitutive model. The model was numerically implemented and programmed into a user material (UMAT) subroutine to run with the commercial finite element program, Abaqus/Standard 2019. The model was calibrated using the stabilized hysteresis response of ZEK100 and AZ31B sheets under constant amplitude strain-controlled cyclic loading for different strain amplitudes. To verify the model, constant amplitude and four different variable amplitude load spectra tests were performed and the stabilized stress–strain hysteresis response predicted by the model was compared with test results. It was demonstrated that the results are in very good agreement.