A novel hysteretic constitutive model (HCM) with four parameters was proposed to reproduce the nonlinear elasticity and dry friction characteristics of metal–rubber isolators (MRIs). The HCM accurately characterized the nonlinear hysteretic behavior due to its intrinsic relationship with the geometric properties of the hysteresis loop. A physics-based parameter estimation strategy was developed to provide reasonable initial iteration values. Three MRIs with different design stiffnesses were tested to investigate their hysteretic behavior under various excitation levels. The HCM accurately reproduced the entire experimental hysteresis loops using only a subset of the experimental data. This exhibited higher precision and scalability compared to the classical dynamic model. Friction damping forces were employed to distinguish the stick-slip states of the three MRIs. Additionally, the identified parameters were used to simulate the steady-state vibration response of a complex MRI system. The resulting frequency response functions (FRFs) agreed well with the experimental data. The proposed model can effectively capture the amplitude-dependent effects in MRI systems with various design stiffnesses, enabling more accurate predictions of vibration responses.