An efficient component model has been developed that captures strength and stiffness deterioration of steel hollow structural section (HSS) columns. The proposed model consists of two fiber-based segments at a member's ends along with an elastic segment in between. The fibers exhibit nonlinear uniaxial stress-strain behavior, which is explicitly defined by uniaxial monotonic tensile and cyclic round coupon tests. The postbuckling behavior of an HSS column is traced through a proposed uniaxial effective stress-strain constitutive formulation, which includes a softening branch in compression and an energy-based deterioration rule to trace the influence of cyclic deterioration in the inelastic cyclic straining. These may be inferred by uniaxial stub-column tests. The component model captures the coupling between the column axial force and flexural demands. Consistent model parameters for a number of steel materials used in the steel construction in North America and Japan are proposed along with the associated model calibration process. The efficiency of the proposed model in predicting the hysteretic behavior of HSS columns is demonstrated by comparisons with physical steel column tests subjected to various loading histories, including representative ones of ratcheting prior to earthquake-induced collapse. The proposed model is implemented in an open-source finite element software for nonlinear response history analysis of frame structures. The effectiveness of the proposed model in simulating dynamic instability of steel frame buildings is demonstrated through nonlinear response simulations of a four-story steel frame building, which was tested at full-scale through collapse. Limitations as well as suggestions for future work are discussed.