In order to assess the performance of the embankment soil under various climate conditions during the period of service, the modulus behaviour of an unsaturated compacted soil is evaluated using the constant water content triaxial test. Since the water content measurement method is simple and economical and it is used widely in engineering, the soil suction is replaced by the water content and the relationship between the water content and the modulus is developed. The compacted samples are prepared with different compacted water contents, and samples with a similar water content subjected to drying or wetting procedures prior to the triaxial test are also investigated. The effect of the water content and the confining pressure on the modulus is analyzed. The results show that the modulus decreases with the increase in the water content and a power function can be proposed to quantitatively describe the relationship between the modulus and the water content in the range of the measured water content. The modulus increases with the increase in the confining pressure of the compacted soil. However, the effect of the water content on the modulus is more pronounced than that of the confining pressure. This research can be referenced for the compacted embankment soil assessment in-service period.