The consolidation characteristics of soft clay under multi-stage loading and single-stage loading exhibit significant differences. In order to investigate the consolidation behavior of soft clay under multi-stage loading, one-dimensional oedometer tests were conducted on marine sedimentary soft clay from northern China. The results indicate that the overall time-deformation pattern of multi-stage loading is a cyclic nonlinear extension of that of single-stage loading. The final deformation between multi-stage loading and single-stage loading is approximately equal; however, the consolidation rate of single-stage loading is four times that of multi-stage loading. Furthermore, the coefficient of consolidation (Cv) decreases with increasing stress. Subsequently, the traditional Terzaghi one-dimensional consolidation equation was modified and a consolidation equation suitable for multi-stage loading is proposed in this study. The analysis of engineering applications demonstrates that the traditional theory provides more accurate predictions of consolidation rate and settlement when the load is small. However, when the load is large, the settlement predicted using the Terzaghi one-dimensional consolidation equation may have an error of 0–25% compared to that using the modified equation. The modified Terzaghi one-dimensional consolidation equation provides a more accurate representation of the actual consolidation of soft soil.