In dynamic geotechnical problems, soils are often subjected to a combination of sustained static and fast cyclic loading. Under such loading conditions, saturated and normally consolidated clays generally experience a build‐up of excess pore water pressure along with a degradation of stiffness and strength. If the strength of the soil falls below the static stress demand, a self‐driven failure is triggered. In this paper, a constitutive model is presented for the analysis of such problems, based on a general multisurface plasticity framework. The hardening behavior, the initial arrangement of the surfaces, and the nonassociated volumetric flow rule are defined to capture important aspects of cyclic clay behavior. This includes nonlinear hysteretic stress‐strain behavior, the effect of anisotropic consolidation, and the generation of excess pore water pressure during undrained cyclic loading along with a degradation of stiffness and strength. The model requires nine independent parameters, which can be derived from standard laboratory tests. A customized experimental program has been performed to validate the model performance. The model predictions show a good agreement with test results from monotonic and cyclic undrained triaxial tests, in particular with respect to the strain‐softening response and the number of loading cycles to failure. A procedure for a general stress‐space implicit numerical implementation for undrained, total stress‐based finite element analyses is presented, including the derivation of the consistent tangent operator. Finally, a simulation of the seismic response of a submarine slope is shown to illustrate a possible application of the presented model.