The aluminum alloy components on automobile often experience high strain rate deformation during accidents. The dynamic deformation behavior and constitutive model are crucial for analysis of vehicle body collisions and failures. In this work, the 7A75 aluminum alloy plate was heat treated according to standard body manufacturing procedures. Quasi-static and dynamic tensile experiments were conducted on the aged 7A75 alloy in a wide strain rate range from 0.001 s−1 to 500 s−1. The dynamic deformation behavior of the alloy was revealed, and the constitutive models were established. It was found that the 7A75 alloy has strong strain rate sensitivity, and its mechanical properties can be significantly improved with the increase of strain rate. As the strain rate increases, the necking instability strain shifts towards higher values, which leads to a larger uniform deformation ability and fracture elongation. This behavior results in a better energy absorption capacity at high strain rates, thus providing a good collision protection property. The constitutive models, including Johnson-Cook (J-C) and Zerilli-Armstrong (Z-A) types, were established and compared. Note that the conventional J-C and Z-A models exhibit severe prediction distortion. Therefore, a modified J-C model incorporating strain rate compensation was introduced, which decrease the errors by 149% and achieves accurate predictions of both dynamic and static deformation behaviors over a wide range of strain rates.