In this work, we obtain solutions of the Schrödinger equation with Kratzer-screened Coulomb potential (KSCP) model using the series expansion method. Explicitly, we compute the bound state energy eigenvalues for selected diatomic molecules of N2, CO, NO, and CH, respectively, for the various vibrational and rotational quantum states and the numerical energy eigenvalues agree with the existing literature. Three special cases were considered. The energy eigenvalues are applied to obtain the mass spectra of heavy quarkonium system such as charmonium and bottomonium. The results agree with the experimental data and other recent theoretical studies.