The soil–water retention curve (SWRC) represents a fundamental relationship in the study of unsaturated soils, where volumetric deformation plays a crucial role in shaping the water retention characteristics by impacting the pore size distribution. This study conducted a thermodynamic analysis to derive a relationship between the effective stress parameter and the water retention properties of unsaturated soils. Consequently, a streamlined formula was introduced to forecast the impact of volumetric deformation on saturation at constant suction. This formula, incorporating a singular parameter from the effective stress parameters equations, can be seamlessly integrated with any prevailing SWRC model to characterize the influence of volume deformation on the SWRC. The effectiveness of the proposed model was corroborated through seven sets of experimental data spanning various soils, affirming its capability to precisely describe the water retention behavior of deformable soils under deformation.