Metal magnetic memory (MMM) technique is a promising tool for inspecting early damage in ferromagnetic components due to its high sensitivity to stress in weak geomagnetic field. However, the quantitative analysis methods for the MMM haven’t been sufficiently studied yet for absence of a reasonable constitutive model. A three-dimensional stress-induced magnetic anisotropic constitutive model is proposed in this paper to study magneto-mechanical coupling effect of the MMM. The model is developed in principal stress space and a linear relation between magnetization and magnetic field is employed for low intensity magnetic field. As a result, stress-induced magnetic anisotropy is represented by stress dependence of magnetic permeability in different directions, which is simple and convenient for applications in the MMM technique. Based on the model, the effect of stress on magnetic permeability and surface magnetic field is computed and compared with experimental data for a tensioned ferromagnetic specimen in low intensity magnetic field. The good consistency implies the validity of the proposed model.