As an extension of software services in the information world to the real world through the Internet of Things (IoT), IoT services have an important role in IoT systems. However, unlike traditional Web services, IoT services have new characteristics such as reality perception, data driving, heterogeneous distribution, and spatio-temporal correlation, which make the existing service models insufficient for an effective portrayal of IoT services and fail to meet the requirements of subsequent service discovery, service offloading, and service combination in IoT applications. On the basis of condensed analysis of IoT service modeling requirements and existing IoT service models, an entity-data-based IoT service modeling framework is proposed, which puts forward the concept of IoT service models fusing ternary information of service, entity, and data and their conceptual relationships. In addition, the framework focuses on defining the spatio-temporal attributes and dependencies of service, entity, and data to support IoT service association representation and analysis based on spatio-temporal correlation, and the entity-data-based IoT service description method is given by extending ontology Web language for services (OWL-S). Finally, the usage mode and effects of the model are discussed in the context of a highway IoT application case.