The interparticle bonding effect due to water menisci plays an important role in the hydromechanical coupling properties of unsaturated soils. This paper presents an unsaturated hydromechanical coupling model that considers the influence of matric suction, degree of saturation, and microscopic pore structure on the interparticle bonding effect. The enhanced effective stress and bonding variable are selected as constitutive variables. The bonding variable is correlated with the ratio between unsaturated void ratio and saturated void ratio. The deformation characteristics of unsaturated soils are described based on the bounding surface plasticity theory. A soil–water characteristic model that considers deformation and hydraulic hysteresis is integrated into the constitutive model to achieve hydromechanical coupling. The proposed model can effectively describe the hydromechanical coupling characteristics and the meniscus bonding force of unsaturated bimodal structure soils; the model parameters can be easily obtained through routine experiments. The experimental results of unsaturated isotropic compression, the wetting/drying cycle, and unsaturated triaxial shear tests are used to validate the capability of the proposed model.