Bolted joints have been widely used in various mechanical structures. Due to the presence of contact interfaces, the joints exhibit complex nonlinear behavior under dynamic loading. Effective prediction of the dynamic response of bolted structures requires the construction of appropriate dynamic models. This paper proposes a modified Iwan model which gives a more comprehensive description of joints than the previous Iwan models, especially for the phenomenon of residual stiffness in macro slip. The equations of the model’s backbone curve, hysteresis curve, and energy dissipation are derived. The parameter identification procedure is also provided. Subsequently, connection elements based on the modified Iwan model are integrated into a single bolted joint and a thin-walled cylinder containing multiple bolted joints, the responses under quasi-static unidirectional loading, quasi-static cyclic loading and constant-frequency excitation are investigated. The physical interpretation of the parameters in the model is discussed, thus explaining the relationship between the bolted joint’s physical parameters and some important variables. The results indicate that the model can effectively characterize the nonlinear mechanical behavior of the bolted joint for both micro and macro slip regime, with significant improvement in computational efficiency.