Based on a thermomechanically consistent mechanical model consisting of springs and plastic dashpots, a plastic constitutive equation for large deformation is derived. Then the incremental form of elastoplastic constitutive equation is developed, which can easily be applied to the finite element analysis and other numerical approaches. The method for the determination of the involved material constants is suggested, which is based on the concept of nonstress configuration proposed by Lee. The necking process of a circular bar subjected to large elastoplastic deformation is simulated and the comparison between the analytical and experimental results is quite satisfactory. The developed model does not use the eoncept of a yield surface, which effectively improves the convergence and computation efficiency.