The tracking control accuracy of giant magnetostrictive actuator (GMA) is limited due to its inherent hysteresis nonlinearity. Hysteresis characteristic of GMA is stress-dependent. This paper proposes a stress-dependent Prandtl-Ishlinskii (SDPI) hysteresis model for GMA by extending the modified Prandtl-Ishlinskii (MPI) model to account for the hysteresis of GMA at varying compressive stress. It is shown experimentally that the weights of play operators is non-sensitive to the compressive stress applied in longitudinal direction of GMA and the relationships between weights of deadzone operators and compressive stress could be modeled by quadratic functions. Then the inverse of SDPI model is established and implemented in open-loop feedforward controller for real-time tracking control for periodic reference input. Comparisons are made between feedforward controller with stress-dependent hysteresis model and stress-independent model. Experimental results show that tracking performance is noticeably improved by using SDPI model.