In this paper, a cm model is proposed to quantify structural states of soft mudrocks, which are dependent on clay fractions and porosities. Physical properties of natural and reconstituted soft mudrock samples are used to derive two parameters in the cm model. With the cm model, a simplified homogenization approach is proposed to estimate geomechanical properties and fabric orientation distributions of soft mudrocks based on the mixture theory. Soft mudrocks are treated as a mixture of nonclay minerals and clay‐water composites. Nonclay minerals have a high stiffness and serve as a structural framework of mudrocks when they have a high volume fraction. Clay‐water composites occupy the void space among nonclay minerals and serve as an in‐fill matrix. With the increase of volume fraction of clay‐water composites, there is a transition in the structural state from the state of framework supported to the state of matrix supported. The decreases in shear strength and pore size as well as increases in compressibility and anisotropy in fabric are quantitatively related to such transition. The new homogenization approach based on the proposed cm model yields better performance evaluation than common effective medium modeling approaches because the interactions among nonclay minerals and clay‐water composites are considered. With wireline logging data, the cm model is applied to quantify the structural states of Colorado shale formations at different depths in the Cold Lake area, Alberta, Canada. Key geomechancial parameters are estimated based on the proposed homogenization approach and the critical intervals with low strength shale formations are identified.