The restitution coefficient serves as a critical parameter to evaluate the energy loss during the contact/impact process. Its in–depth researches are beneficial to accurately describing the contact/impact phenomenon. Given the limitations of existing restitution coefficient models, a novel variable restitution coefficient model, which considers the material properties and the initial relative contacting velocity between two colliding bodies, is proposed in this work. Firstly, the function relationship between the restitution coefficient and the equivalent plastic strain can be obtained based on the energy equivalence principle. After that, multi–condition FEM numerical simulation cases are conducted to explore the mapping relationship among the equivalent plastic strain, material properties and initial relative contacting velocity, with which the new normal variable restitution coefficient model can thus be established. Finally, various comparisons with several existing restitution coefficient models are conducted to showcase its superior performance, with the low–speed experimental data and high–speed FEM results acting as reference values. Furthermore, the new restitution coefficient model is extended to describe interaction process between two spheres, and also employed for the establishment of a new continuous contact force model.