A unified model considering the microstructure instability and a set of complete constitutive relations, which describes the volumetric collapse and shearing collapse simultaneously, is developed for collapsible loess in the framework of the catastrophe theory. The validity of the model is verified by comparing the results calculated using the model with the data of triaxial compression tests performed on Lanzhou loess. The following characteristics of collapsing deformation are explained and reproduced successfully using the model: (1) the existence of two turning points on each deformation curve, (2) the shear curves under various stress ratios intersect one another, (3) the ratio of the shear strain to the volumetric strain is a function of the stress ratio, and (4) the initial collapse condition is approximately a circle.