Weak magnetic nondestructive testing (e.g., metal magnetic memory method) concerns the magnetization variation of ferromagnetic materials due to its applied load and a weak magnetic surrounding them. One key issue on these nondestructive technologies is the magnetomechanical effect for quantitative evaluation of magnetization state from stress–strain condition. A representative phenomenological model has been proposed to explain the magnetomechanical effect by Jiles in 1995. However, the Jiles' model has some deficiencies in quantification, for instance, there is a visible difference between theoretical prediction and experimental measurements on stress–magnetization curve, especially in the compression case. Based on the thermodynamic relations and the approach law of irreversible magnetization, a nonlinear coupled model is proposed to improve the quantitative evaluation of the magnetomechanical effect. Excellent agreement has been achieved between the predictions from the present model and previous experimental results. In comparison with Jiles' model, the prediction accuracy is improved greatly by the present model, particularly for the compression case. A detailed study has also been performed to reveal the effects of initial magnetization status, cyclic loading, and demagnetization factor on the magnetomechanical effect. Our theoretical model reveals that the stable weak magnetic signals of nondestructive testing after multiple cyclic loads are attributed to the first few cycles eliminating most of the irreversible magnetization. Remarkably, the existence of demagnetization field can weaken magnetomechanical effect, therefore, significantly reduces the testing capability. This theoretical model can be adopted to quantitatively analyze magnetic memory signals, and then can be applied in weak magnetic nondestructive testing.