Accurate and convenient prediction of the soil-water characteristic curve and hydraulic conductivity of compacted loess under compressive deformation holds significant practical importance for seepage analysis in loess fill engineering. For compacted loess specimens from Yan'an, suction-controlled isotropic compression tests were conducted to analyze their hydro-mechanical effects. Based on this, a void ratio-dependent power function was introduced into the Fredlund-Xing model. Furthermore, the contribution of adsorbed water to the hydraulic conductivity in the high-suction range and the influence of void ratio on the saturated hydraulic conductivity were fully considered. These led to the development of a predictive model for soil-water characteristic curve and hydraulic conductivity that accounts for compressive deformation. The model comprises seven parameters, which can be conveniently determined through suction-controlled compression tests and saturated permeability tests. Prediction results demonstrate that the proposed model can accurately predict the soil-water characteristic curve and hydraulic conductivity curve of compacted loess at any void ratio over a wide suction range. As the void ratio decreases during the compression deformation process, the air-entry value of the soil-water characteristic curve increases, and the entire curve shifts upward and rightward. Correspondingly, the hydraulic conductivity exhibits a decreasing trend in the low-suction range, while showing an increase in the medium-to-high suction range.