A numerical tool for simulating the detection signals of electromagnetic nondestructive testing technology (ENDT) is of great significance for studying detection mechanisms and improving detection efficiency. However, the quantitative analysis methods for ENDT have not yet been sufficiently studied due to the absence of an effective constitutive model. This paper proposed a new magneto–mechanical model that can reflect the dependence of relative permeability on elasto–plastic deformation and proposed a finite element–infinite element coupling method that can replace the traditional finite element truncation boundary. The validity of the finite element–infinite element coupling method is verified by the experimental result of testing electromagnetic analysis methods using TEAM Problem 7. Then, the reliability and accuracy of the proposed model are verified by comparing the simulation results under elasto–plastic deformation with experimental results. This paper also investigates the effect of elasto–plastic deformation on the transient magnetic flux signal, a quantitative hyperbolic tangent model between Bzpp (peak–peak value of the normal component of magnetic flux signal) and elastic stress, and the exponential function relationship between Bzpp and plastic deformation is established. In addition, the difference and mechanism of a magnetic flux signal under elasto–plastic deformations are analyzed. The results reveal that the variation of the transient magnetic flux signal is mainly due to domain wall pinning, which is significantly affected by elasto–plastic deformation. The results of this paper are important for improving the accuracy of quantitative ENDT for elasto–plastic deformation.