To ease traffic pressure and reduce congestion, an extended lattice hydrodynamic model by considering speed deviation and anticipation effect of flux difference is presented. The linear stability condition of this model is derived by control method. The results reveal that these two factors can enhance traffic flow stability. Through nonlinear analysis, the mKdV equation near the critical point is obtained, which describes the phase transition of traffic flow. Numerical simulations are applied to this paper to prove the result of theoretical analysis. Simulation results demonstrate that high estimate of speed and anticipation effect of flux difference play a positive role in relieving traffic jams, and the stability of traffic flow is impeded when the low estimate of speed is added.