This paper presents a new fractional-order normalized Bouc-Wen (BW) (FONBW) model to describe the asymmetric and rate-dependent hysteresis nonlinearity of piezoelectric actuators (PEAs). In view of the fact that the classical BW (CBW) model is only efficient for the symmetric and rate-independent hysteresis description, the FONBW model is devoted to characterizing the asymmetric and rate-dependent behaviors of the hysteresis in PEAs by adopting an Nth-order polynomial input function and two fractional operators, respectively. Different from the traditional modified BW models, the proposed FONBW model also eliminates the redundancy of parameters in the CBW model via the normalization processing. By this way, the developed FONBW model has a relatively simple mathematic expression with fewer parameters to simultaneously characterize the asymmetric and rate-dependent hysteresis behaviors of PEAs. Model parameters are identified by the self-adaptive differential evolution algorithm. To validate the effectiveness of the proposed model, a series of model verification and inverse-multiplicative-structure-based feedforward control experiments are carried out on a PEA system. Results show that the proposed model is superior to the CBW model and traditional modified BW model in modeling accuracy and hysteresis compensation.