The phenomenon of yield drop, characterized by a decrease in flow stress after initial yield, has been observed in various nickel-based superalloys. Despite numerous proposed physical mechanisms, there is still a lack of a meso-mechanism-based constitutive model to explain this phenomenon. In this study, the tensile behavior of a nickel-based single crystal superalloy (DDX), was investigated at different strain rates and a temperature of 900 °C. It was observed that the yield drop phenomenon in DDX became more pronounced with increasing strain rate. To predict the yield drop phenomenon during tensile processing, an improved strength law based on continuum dislocation density theory was considered in the crystal plasticity framework. The proposed constitutive model was implemented using nonlinear iteration and incorporated into a finite element analysis software. The simulation results exhibited a good agreement between the experimental data and the stress–strain curve in the vicinity of the yield drop region, affirming the predictive aptitude of the proposed model in elucidating the yield drop phenomenon at various strain rates.