In this study, an efficient triangular element for the fast nonlinear analysis of moderately thick Mindlin–Reissner plates is proposed. The element is formulated using a newly developed method, which is based on the assumed natural strain concept, and called Continuously Variable Strain (CVS). The continuous higher-order strain field is proposed by using the fundamental lemma of the variational calculus. Furthermore, the updated Lagrangian tensor together with rigid body terms is employed allowing for large deformations. The proposed element (CVST10), which is obtained by minimizing the total potential energy, has only 10 degrees of freedom and demonstrates high-efficiency and fast convergence rate in analysis of problems with coarse and distorted meshes. The arc-length iterative technique is applied to handle the geometrically post-buckling behavior of homogeneous plates under various load and boundary conditions. Various numerical examples prove the accuracy of the proposed element.