To establish the hysteresis model of EPS particles amended light weight soil under multi-step cyclic loading, the dynamic deformation characteristics of light weight soil were studied by consolidated undrained dynamic triaxial tests. The results showed that the backbone curve of light weight soil is hyperbolic and has strain hardening characteristics. With the increase of dynamic stress, the hysteresis curve shape of light weight soil gradually transforms from spindle-shaped to crescent-shaped, showing nonlinearity, hysteresis and strain accumulation. Based on the Hardin-Drnevich model and Masing rules, a modified unloading and reloading rule for the hysteresis model of light weight soil is proposed. The maximum dynamic shear modulus correction coefficient k1 and dynamic shear modulus attenuation coefficient k2 are introduced to establish the modified hysteresis model of light weight soil. Based on the modified hysteresis model, the physical meanings of k1 and k2 are defined. The influence of k1 and k2 values on the shape of hysteresis curve is discussed, and the empirical formulas of k1 and k2 about the dynamic shear strain are obtained. Through the verified dynamic triaxial tests of light weight soil by changing stress state, it is found that the relative error between the predicted values of modified hysteresis model and measured values is between 3.19% and 19.41%, which indicates that the model can describe closely the mechanical response process of light weight soil under complex dynamic conditions. The modified hysteresis model can predict the complex mechanical response mechanism in the progressive evolution of structural soil from convex to concave-convex hysteresis loop.