SummaryAccurate state of charge (SOC) estimation is based on a precise battery model and is the focus of the battery management system (BMS). First, based on the second‐order RC equivalent circuit model and Grunwald–Letnikov (G‐L) definition, the high‐precision fractional‐order hysteresis‐equivalent circuit model (FH‐ECM) is established considering the open‐circuit voltage hysteresis effect. Then, the global parameters of the battery model are identified using a particle swarm algorithm optimized by the genetic algorithm (GA‐PSO). Third, a fractional‐order adaptive unscented Kalman filter (FOAUKF) algorithm is derived to estimate the SOC of lithium‐ion batteries. Finally, the feasibility of the model and algorithm is verified under complex working conditions. Under the dynamic stress test (DST) condition, the accuracy of model terminal voltage has been improved by 37.83%, and the error of SOC estimation has been reduced by 11.28%. Under Beijing bus dynamic stress test (BBDST) condition, the model terminal voltage accuracy has been improved by 51.44%, and the SOC estimation error has been reduced by 35.71%. The experimental results fully confirm the accuracy of the fractional‐order hysteresis‐equivalent circuit modeling method.