In this paper, we derive a model to describe the cyclic stress softening of a carbon-filled rubber vulcanizate through multiple stress–strain cycles with increasing values of the maximum strain, specializing to equibiaxial loading. Since the carbon-filled rubber vulcanizate is initially isotropic, we can show that following initial equibiaxial loading the material becomes transversely isotropic with preferred direction orthogonal to the plane defined by the equibiaxial loading. This is an example of strain-induced anisotropy. Accordingly, we derive nonlinear transversely isotropic models for the elastic response, stress relaxation, residual strain and creep of residual strain in order to model accurately the inelastic features associated with cyclic stress softening. These ideas are then combined with a transversely isotropic version of the Arruda–Boyce eight-chain model to develop a constitutive relation for the cyclic stress softening of a carbon-filled rubber vulcanizate. The model developed includes the effects of hysteresis, stress relaxation, residual strain and creep of residual strain. The model is found to compare extremely well with experimental data.