<p>The construction and operation of underground rock engineering are usually subjected to cyclic loading, and the constitutive relationship of rocks under cyclic loading is the basis for evaluating and designing rock engineering. In this study, a damage constitutive model considering strain hysteresis was proposed and verified to describe the behavior of Tamusu mudstone under multi-level cyclic triaxial compression. First, the hysteresis dissipation energy was introduced to modify traditional energy parameters. Second, based on the energy dissipation method, a new damage variable including the initial damage energy was deduced. Then, a new correction coefficient that can describe the variation of tangential modulus during loading and unloading processes under different loading histories was introduced to modify the traditional damage model based on the strain equivalence hypothesis. Finally, a multi-level cyclic triaxial compression damage constitutive model considering strain hysteresis was established by using piecewise functions, and the established model was compared with the results of a multi-level cyclic triaxial compression experiment to verify its feasibility. The comparison results show that the established model can accurately describe the stress–strain relationship of the Tamusu mudstone in the multi-level cyclic triaxial compression test.</p>