Integration algorithm is an important mean to solve the discrete time equations of structural dynamics in earthquake engineering. In this paper, a new model‐based explicit integration algorithm, featured by optimization‐based integration parameter updating, is developed for a more accurate and efficient solution of structural dynamic problems. The new integration algorithm is designed to yield minimum error and controllable numerical dispersion under the premise of stability by defining objective functions and constraints. Numerical properties of the new integration algorithm are investigated in details using the amplification matrix method for a linear elastic single degree‐of‐freedom system. Meanwhile, representative numerical examples and complex structure examples are analyzed and compared with other representative algorithms. As a result, the proposed algorithm yields comparable numerical characteristics with other methods, but exhibits pronounced superiority in controllable algorithmic dissipation, higher precision, and better efficiency. Therefore, the new integration algorithm possesses extensive application prospect in solving complicated linear and nonlinear structural dynamic problems.