A key requirement for using memristors in functional circuits is a predictive physical model to capture the resistive switching behavior, which shall be compact enough to be implemented using a circuit simulator. Although a number of memristor models have been developed, most of these models (i.e., first-order memristor models) have utilized only a one-state-variable. However, such simplification is not adequate for accurate modeling because multiple mechanisms are involved in resistive switching. Here, a two-state-variable based second-order memristor model is presented, which considers the axial drift of the charged vacancies in an applied electric field and the radial vacancy motion caused by the thermophoresis and diffusion. In particular, this model emulates the details of the intrinsic short-term dynamics, such as decay and temporal heat summation, and therefore, it accurately predicts the resistive switching characteristics for both DC and AC input signals.