A self-consistent model is constructed for a superfluid Bose liquid in which the single-particle Bose–Einstein condensate (BEC) is suppressed on account of the strong interaction between bosons. The ratio of the density of the BEC to the total density of the Bose liquid is small, n0/n≪1, in contrast to the Bogolyubov theory for a nearly ideal Bose gas, in which the small parameter is the ratio of the number of overcondensate excitations to the number of particles in the intense BEC, (n−n0)/n0≪1. A closed system of nonlinear integral equations for the normal Σ̃11(p,ω) and anomalous Σ̃12(p,ω) self-energy parts is obtained in a renormalized perturbation theory constructed in the combined hydrodynamic (for p→0) and field (for p≠0) variables, the use of which ensures analyticity of the functions Σ̃ij(p,ε) for p→0 and ε→0 and a nonzero value of the superfluid order parameter Σ̃12(0,0)≠0 at T=0. It is shown that the structure of the quasiparticle spectrum E(p) and, in particular, the presence of a roton minimum are determined by the sign-varying and oscillatory behavior of the Fourier component of the pair interaction between bosons in the “hard spheres” model. An important role here is played by the renormalization (screening) of the pair interaction on account of many-particle (collective) effects, which are described by a polarization operator of the bosons on the “mass shell” and leads to enhancement of the effective attraction in certain regions of momentum space. It is shown that the superfluid component ρs at T→0 in this model is a superposition of the single-particle BEC and a pair coherent condensate, analogous to the condensate of Cooper pairs in superconductors. The structure of the superfluid state for T≠0 is also considered, with allowance for the appearance of a normal component ρn and a branch of second sound, the velocity of which goes to zero at the λ point. The applicability of the Landau superfluidity criterion is examined, and the question of the limiting permissible critical velocity of superfluid flow in the absence of quantum vortices is discussed.