In this paper, we propose a phase field-lattice Boltzmann (LB) model with an equation of state (EOS) inputting for two-phase flow containing soluble surfactants. In this model, both the order parameter for the phase field and the surfactant concentration are described by second-order partial differential equations, along with Navier–Stokes equations for the flow field. Changes in surfactant concentration do not affect the order parameter distribution; hence, an unwanted sharpening effect cannot arise. Most importantly, in the existing models, the EOS of surface tension is determined by posterior simulation tests instead of being directly set as an input parameter before the simulations. Hence, it is difficult to determine the model parameters in practical applications. To address this issue, we systematically develop a fully analytical EOS for surface tension based on the Gibbs–Duhem equation. Subsequently, an approximate explicit form for EOS is provided by utilizing the Jacobi–Gauss quadrature rule. Furthermore, a multiple-relaxation-time LB scheme is utilized to numerically solve the governing equations of three physical fields. Two benchmark examples are simulated to validate the accuracy of the present model. The consistency between the numerical results and the analytical EOS is verified. Moreover, the dynamics of droplets with surfactant in simple shear flow is investigated, unveiling the profound impact of various factors, such as surfactant bulk concentration, capillary number, and viscosity ratio, on single droplet deformation and two equal-sized droplets interaction. A detailed exploration of the fluid mechanism involved in two-phase flow with soluble surfactants is presented.