Corten-Dolan nonlinear damage accumulation model can well describe the fatigue behavior of engineering materials and structures under variable amplitude loads, while the determination of parameter d is difficult and still open. In this paper, a new improved version of Corten-Dolan model is proposed in which the parameter d is modified by introducing the power form of the stress ratio between two consecutive load levels to reflect the nonlinear effect of load interaction. Furthermore, a generalized expression of the new model is developed, which gives a unified theoretical formulation for the presented and some typical existing versions. The proposed model is validated by comparison with existing versions based on the experimental data of typical engineering materials under two-level and multilevel loads. An effective validation scheme is introduced to comprehensively investigate the validity and applicability of the developed model. In this scheme, parts of data those are not used in modeling are regarded as the check data to examine the prediction accuracy. The results show that the developed model can well reflect load interaction effect and give more satisfactory prediction of fatigue life.