A three‐dimensional viscoelastic‐plastic model for flow of particle filled polymer melts has been formulated. The approach is based upon a modification of the Leonov model by introducing a structure function describing stress generated by the presence of the dispersed phase under the assumption that the material obeys the von Mises yielding criterion before flow takes place. The model has been applied to steady simple shear and to transient shear flows, and equations have been derived for the components of stress tensor for each flow situation. A verification of the model has been made against limited experimental data available in the literature, indicating that the model is in fair agreement with experiments.