This paper presents a simple hypoplastic constitutive model that describes the essential features of the material behaviour of partially saturated clayey soils observed in oedometric compression tests. The model is formulated in terms of net stress and degree of saturation. The total strain rate is decomposed into a portion related to the changes in saturation and a portion for the evolution of net stress. However, no distinction is made between plastic and elastic strains. With this strain rate decomposition, the maximum swelling strain/stress are obtained by simulating wetting processes under constant stress/strain conditions. In addition to the void ratio, the model includes two scalar variables to track the loading history (preloading). The calibration of the model constants using common laboratory tests is discussed. Confined and unconfined swelling tests under oedometric conditions with subsequent loading and unloading phases carried out on three different materials were satisfactorily simulated by the model. Its promising results call for an extension to a 3D formulation.