A four parameter exponential-type potential known as the deformed and modified Morse potential model was proposed. The solution of the one-dimensional radial Schrӧdinger equation was obtained in the presence of the proposed potential for an arbitrary ℓ-state using a parametric Nikiforov–Uvarov method. The energy equation was used to obtain the eigenvalues for the cesium molecule and tin carbide for various states. The effects of the deformed parameter on the eigenvalues were studied. The result for the Morse potential was obtained by fixing the deformed parameter to zero. Finally, the thermal properties of the proposed potential and the Morse potential were studied in detail. The result obtained revealed that the behavior of the energy eigenvalue for the deformed and modified Morse potential with the deformed parameter (b) equals one, is same as the behavior of the energy eigenvalue for the actual Morse potential.