An accurate wind shear model is an important prerequisite in extrapolating the wind resource from lower heights to the increasing hub height of wind turbines. Based on the 1-year dataset (collected in 2014) consisting of 15-minute intervals collected at heights of 2, 10, 50, 100, and 150 m on an anemometer tower in northern China, the present study focuses on the time-varying relationship between the wind shear coefficient (WSC) and atmospheric stability and proposes a wind shear model considering atmospheric stability. Through the relationship between Monin–Obukhov (M-O) length and gradient Richardson number, the M-O length is directly calculated by wind data, and the WSC is calculated by combining the Panofsky and Dutton (PD) models, which enhances the engineering practicability of the model. Then, the performance of the model is quantified and compared with two alternative methods: the use of annual average WSC and the use of stability change WSC extrapolation. The analysis demonstrates that the proposed model outperforms the other approaches in terms of normal root mean square error (NRMSE) and normal bias (NB). More specifically, this method reduces the NRMSE and NB by 24–29% and 76–95%, respectively. Meanwhile, it reaches the highest extrapolation accuracy under unstable and stable atmospheric conditions. The results are verified using the Weibull distribution.