In geotechnical engineering, understanding the relationship between soil permeability and deformation is essential, particularly for applications like earth dams, where compaction‐induced permeability reduction is crucial for performance optimization. In unsaturated soils, soil moisture content significantly impacts hydraulic conductivity. Traditionally, changes in unsaturated hydraulic conductivity have been linked to soil void ratios. However, a pore network modeling perspective reveals the significance of structural parameters, such as pore and throat size distribution and pore coordination number. This study introduces a pore network model to estimate unsaturated hydraulic conductivity based on void ratio‐dependent soil‐water retention curves. It examines how soil deformation at varying stress levels affects structural parameters and the water phase continuity. The model shows strong potential in predicting unsaturated hydraulic conductivity across different stress levels, aligning well with experimental data and established equations. Notably, the aspect ratio and coordination number parameters are most affected by stress levels. The study also presents relationships to describe changes in pore network structural parameters with soil void ratio, which can be used to predict soil‐water retention curves and unsaturated hydraulic conductivity at various stress levels.