This paper describes a novel technique for determining the constitutive equation of elastic–plastic materials by the indentation technique using plural indenters with different apex angles. Finite element method (FEM) analyses were carried out to evaluate the effects of yield stress, work hardening coefficient, work hardening exponent, and the apex angle of indenter on the load–depth curve obtained from the indentation test. As a result, the characterized curves describing the relationship among the yield stress, work hardening coefficient, and the work hardening exponent were established. Identification of the constants of a constitutive equation was made on the basis of the relationship between the characterized curves and the hardness given by the load–depth curve. This technique was validated through experiments on Inconel 600 and aluminum alloy. The determined constitutive equation was applied to the FEM analyses to simulate the deformation including necking behavior under uniaxial tension. The analytical results are in good agreement with experimental results.