The satellite-induced systematic biases were identified to exist in the code observations from BeiDou navigation satellite system (BDS) satellites using multipath (MP) combinations. The current correction model for satellite-induced code bias (SICB) does not take into account the consistency of MP combinations, which limits the accuracy of the developed model. Both the cycle slips and different tracking of a satellite at different stations can affect the absolute values of MP combinations, although the variations remain unchanged. An improved SICB piecewise linear correction model as a function of elevations is proposed. We estimate the model parameters for each frequency and for each satellite. The single-difference of MP combinations in the domain of elevation angles is carried out to remove the unknown ambiguities and stable hardware delays so that the SICB modeling is free of the effects of MP combination inconsistency. In addition, a denser elevation node separation of 1°, rather than the 10° usually employed by the traditional model, is used to describe the more precise SICB variations. The SICB corrections show significant differences among orbit types and frequency bands. The SICB variations have much less effect on Inclined Geosynchronous Orbit (IGSO) satellites than on Medium Earth Orbit (MEO) satellites for the regional BDS (BDS-2). The B1 signal has the largest SICB corrections, which can be up to 0.9 m close to zenith for BDS-2 MEO satellites, and the B2 signal follows. After adding the SICB corrections to the code observations, the elevation-dependent code biases vanish, and we can obtain improved code observations. After applying the improved SICB correction model, the root mean square (RMS) values of MP combination time series are reduced by 7%, 6% and 2%, and 18%, 14% and 5% on the B1, B2 and B3 frequencies for the BDS-2 IGSO and MEO satellites, respectively. For comparison, we also establish the traditional SICB correction model. With the traditional SICB correction model, the corresponding RMS MP combinations are smaller than those of uncorrected MP series, but slightly larger than those of corrected MP series using the improved SICB correction model. To validate the effectiveness and correctness of our proposed model, single-frequency precise point positioning (PPP) processing with BDS-2 MEO and IGSO satellites is conducted. An accuracy improvement of 24%, 19% and 89%, and 7%, 7% and 6% for the single-frequency PPP applying the improved SICB corrections over the case without SICB corrections and the case using the traditional SICB corrections in east, north and vertical directions is achieved, respectively. Although only centimeter-level SICB variations could be observed for the two legacy signals B1 and B3 and the three new navigation signals B1C, B2a and B2b transmitted by the satellites of global BDS demonstration system (BDS-3S), we still establish an effective SICB correction model on the B1 and B3 frequencies for BDS-3S IGSO satellites, and the RMS MP combinations are reduced by 1–4% after applying the improved SICB corrections.