The hysteresis of giant magnetostrictive actuator has the property of rate dependence. A new model for the rate dependent hysteresis was proposed by using hybrid modeling method. The model is composed of a linearity element and a rate dependent hysteresis element. First, the rate independent hysteresis of the system was modeled by modified PI model when 2Hz sinusoidal signal was employed to excite the system. Second, the coupling response of the linearity and the hysteresis elements was decoupled by the method of combining the inversion of the rate independent hysteresis model and fitting method when 100Hz sinusoidal signal was employed to excite the system. Then, a new rate dependent hysteresis model was proposed and implemented on the above bases. At last, the hybrid rate dependent hysteresis model was obtained by connecting the linearity element and the rate dependent hysteresis element in series. Compared with rate independent hysteresis model and hybrid rate independent hysteresis model, the proposed hybrid model is more accurate than other models.