The interface crack of a slab track is a fracture of mixed-mode that experiences a complex loading–unloading–reloading process. A reasonable simulation of the interaction between the layers of slab tracks is the key to studying the interface crack. However, the existing models of interface disease of slab track have problems, such as the stress oscillation of the crack tip and self-repairing, which do not simulate the mixed mode of interface cracks accurately. Aiming at these shortcomings, we propose an improved cohesive zone model combined with an unloading/reloading relationship based on the original Park–Paulino–Roesler (PPR) model in this paper. It is shown that the improved model guaranteed the consistency of the cohesive constitutive model and described the mixed-mode fracture better. This conclusion is based on the assessment of work-of-separation and the simulation of the mixed-mode bending test. Through the test of loading, unloading, and reloading, we observed that the improved unloading/reloading relationship effectively eliminated the issue of self-repairing and preserved all essential features. The proposed model provides a tool for the study of interface cracking mechanism of ballastless tracks and theoretical guidance for the monitoring, maintenance, and repair of layer defects, such as interfacial cracks and slab arches.