To master the basic characteristics of steady-state cornering for a semitrailer, this paper summarises the current modelling methods for handling and stability and discusses their limitations. The classical linear mathematical model for a two-degree-of-freedom (DOF) handling and stability system is used to develop a new model. Analysis methods are proposed to introduce the influence of the camber angle and body roll into the model parameters. Thus, a mathematical model for the lateral stability of semitrailer with five DOFs is established. At the same time, a modified formula to calculate the stability factor of the semitrailer is developed with a MATLAB model to solve the dynamic state equation. The mathematical model, which considers the body roll and the changes in the camber angle caused by roll, compares the turning radius ratio and yaw rate as the evaluation index with the classical linear mathematical model of a two-DOF system. The vehicle parameters for three different types of semi-tractor trailers are used to calculate and compare two mathematical models for handling and stability using real vehicle test data. The results show that the new modelling and analysis method proposed in this paper has a high calculation accuracy and fast calculation speed, is clear and concise, and is consistent with the real vehicle test data. In addition, the accuracy of the new mathematical model for handling and stability and the improved stability factor are verified.