The constitutive modeling of aluminum alloy under warm forming conditions generally considers the influence of temperature and strain rate. It has been shown by published flow stress curves of Al-Mg alloy that there is nearly no effect of strain rate on initial yield stress at various temperatures. However, most constitutive models ignored this phenomenon and may lead to inaccurate description. In order to capture the rate-independent initial yield stress, Peric model is modified via introducing plastic strain to multiply the strain rate, for eliminating the effect of strain rate when the plastic strain is zero. Other constitutive models including the Wagoner, modified Hockett–Sherby and Peric are also considered and compared. The results show that the modified Peric model could not only describe the temperature-and rate-dependent flow stress, but also capture the rate-independent initial yield stress, while the Wagoner, modified Hockett–Sherby and Peric model can only describe the temperature-and rate-dependent flow stress. Moreover, the modified Peric model could obtain proper static yield stress more naturally, and this property may have potential applications in rate-dependent simulations.