Unsaturated soil exhibits extremely complex engineering mechanical properties under the coupling effect of moistening and stress fields. Firstly, the effective stress principle and limit equilibrium conditions of unsaturated soil under the coupling effect of moistening and stress fields were discussed based on the basic principles of unsaturated soil. Secondly, a fractional-order model considering the viscoelasticity and strain hardening of unsaturated soil was established based on the fractional calculus theory. Then, based on the principle of damage mechanics, the damage variable evolution equation under the coupling effect of moistening and stress fields was established, and the fractional calculus-based statistical constitutive damage model of unsaturated soil under the coupling effect of moistening and stress fields was developed. In turn, parameters of the developed model were solved using a triaxial test of unsaturated loess, and the calculated data using the developed model were compared with the experimental data, which demonstrated that the developed model in this paper performed well in describing the whole strain hardening process of unsaturated soil under the coupling effect of moistening and stress fields. Finally, the sensitivity of the main parameters of the developed model was discussed under the coupling effect of moistening and stress fields, which showed that the proposed model performed well in reflecting the main mechanical properties of unsaturated loess.