The prevailing Jiles-Atherton (J-A) model and Zheng Xiao-Jing-Liu Xing-En (Z-L) model are extensively used in modeling the magneto-mechanical effect on magnetization in ferromagnetic materials. In the J-A model, a fitting formula of magnetostrictive strain interms of stress and magnetization is adopted to model the stress effect on magnetostriction. However, the fitting formula is not in good accordance with the experimental results obtained by Kuruzar and Culllity. In order to solve this problem, a transcendental function tanh(x) is appropriately selected to describe the nonlinear magnetostrictive strain in the Z-L model, and it is found that the general formula of magnetostrictive strain is more effective to describe the nonlinear relation of magnetostrictive strain with stress and magnetization. Then, the modified law proposed by Jiles and Li is adopted to modify the Z-L model by Shi Pengpeng to describe the hysteretic behavior; nevertheless, the effect of Weiss molecular field, pinning energy and plastic deformation on magnetization are not taken into account, and the modified Z-L model can only describe the elastic stress effect on magnetization. In order to solve these problems above, a modified magneto-mechanical model is established by combining the magnetostrictive constitutive relationships of Z-L model with the modified energy conservation equation of J-A model, as well as taking the effect of elastic stress and plastic strain on the model parameters into account simultaneously. It is found that the predictions of proposed model here are in better accordance with the initial magnetization curves given by Jiles and Atherton and the hysteresis loops obtained by Makar and Tanner under different stresses and plastic deformation than those calculated by the J-A model and Z-L model. The correlation coefficients between experimental data and theoretical results calculated by the modified model are all over 0.98, which indicates that the modified model here is more effective than the existing model. A detailed study also performed to reveal the effects of the elastic tensile and compressive stress and plastic tensile and compressive strain on hysteresis loops, coercivity and remanence. The proposed model reveals that the area of hysteresis loop and coercivity increase nonlinearly with the stress and plastic deformation increasing, while the remanence decreases significantly; the effects of compressive stress and compressive plastic deformation on magnetization characteristic parameters above are more significant than those of tensile stress and tensile plastic deformation, which is consistent with the experimental trend. The proposed model can be used to quantitatively analyze the magneto-mechanical effect on the magnetization of ferromagnetism.