This paper presents a computationally efficient constitutive model for magnetostrictive materials. High computational efficiency is achieved through the use of local linearization (about easy axes) and discrete energy-averaging techniques. The model is applied to iron-gallium alloys (Galfenol) and tested for different magnetic field orientations relative to the easy axes. It is observed that the model accurately predicts both sensing and actuation characteristics while reducing the computation time by a large factor (.1000 times) when compared to the nonlinear energy minimization models. Furthermore, the average error observed in λ-H and B-H curves is less than 3.5% with the error increasing at magnetic field orientations farther from easy axes, particularly at large magnetic field values. Finally, the model is integrated with a finite element framework to predict the response of a Galfenol rod transducer system, and parametric studies are performed for different current and prestress conditions to optimize the device performance.