The instabilities exhibited by unsaturated fine-grained soil, stemming from coupled hydro-mechanical phenomena, represent crucial engineering characteristics essential for geotechnical designs. This study introduces a constitutive model for unsaturated fine-grained soils, incorporating the framework of sub-loading surface plasticity. The model integrates Bishop’s effective stress and capillary degree of saturation as basic variables, while also addressing the distinct influences of soil volume change on capillarity and adsorption mechanisms. Validation of the proposed model is conducted using a diverse set of experimental data derived from suction-controlled triaxial compression tests conducted under low and high suction conditions. The results demonstrate that the new constitutive model can achieve a reasonable agreement with the observed data.