Rate-dependent hysteresis existing in the magnetostrictive actuator usually causes undesirable inaccuracies or oscillations and even instability of the controlled system. So an intelligent modeling method, which is based on modified online least squares support vector machines (MOLS-SVM), is proposed in this paper to describe the rate-dependent hysteresis in magnetostrictive actuator. The model is fast and does not require tremendous computational efforts. The data measured in the experiment are used for modeling. The results obtained by using the proposed model are in good agreement with experimental results.