This article presents an improved nonlinear empirical I/V model suitable for GaAs and GaN FETs. The new drain‐to‐source current formulation accurately represents the symmetric and the asymmetric bell‐shaped transconductance (gm) for all VDS values. Besides modeling with high accuracy the I/V characteristic, the proposed model can fit the first and second derivatives of the transconductance, from the ohmic to the saturation region, including the pinch‐off region. The high correlation between experimental and simulated data of the I/V curves of GaAs and GaN FETs, ACPR, load‐pull, and a class‐J power amplifier designed in S‐band corroborates the usefulness of the proposed model, considering only the static I/V model as the main nonlinear element of the electrical equivalent circuit model of the transistor.