In the paper, a magneto-mechanic hysteresis model for giant magnetostrictive materials is suggested by considering the effect of the domain rotation and domain wall motion on the magnetization process under prestress and the applied magnetic field. The coercive force, which is magneto-mechanic dependent, is proposed instead of a pinning constant in the Jiles–Atherton model. The model can well predict the characteristics of a magnetization-applied field curve and magnetostrictive strain-applied field curve shown in the experiment, especially the “overturn phenomenon” under different compressive prestresses. Furthermore, the effect of the microstructure parameter, such as the ratio of the domain wall thickness to the internal stress wavelength, the amplitude of internal stress, the ratio of the domain wall thickness to the inclusion radius, and inclusion consistency, on coercive force under applied prestress can also be described by the model. The comparison between the results predicted by the model and experiment shows that the model is suited for a wide-ranging applied magnetic field.