In order to investigate the mechanical properties of lime mudstone, conventional triaxial compression tests under different confining pressures (0, 5, 15 and 20 MPa) are performed on lime mudstone samples. The test results show that, from the overall perspective of variation law, the axial peak stress, axial peak strain and elastic modulus of lime mudstone tend to gradually increase with increasing confining pressure. In the range of tested confining pressure, the variations in axial peak stress and elastic modulus with confining pressure can be described with linear functions; while the variation in axial peak strain with confining pressure can be reflected with a power function. To describe the axial stress–strain behavior in failure process of lime mudstone, a new constitutive model is proposed, with the model characteristics analyzed and the parameter determination method put forward. Compared with Wang’ model, only one parameter n is added to the new model. The comparison of predicted curves from the model and test data indicates that the new model can preferably simulate the strain softening property of lime mudstone and the axial stress–strain response in rock failure process.