Capacity is the important indicator of the cone crushers, which is determined by the motion characteristics of particles. The spatial compound motion of the mantle, which rotates both around the central axis of the cone crusher and its central axis, was analyzed to develop motion characteristic equations of particles. The velocity distribution of particles with different motion characteristics was determined by solving the motion characteristic equations of particles using the coordinate system transformation matrix. An improved capacity model of the cone crushers based on the motion characteristics of particles considering the influence of the spatial compound motion of the mantle was established by analyzing the velocity of particles in the upward and downward direction zones of the choke-level and the influence of circumferential deflection of particles on the velocity in the radial direction. A reduced-scale cone crusher with various rotational speeds was used to simulate cone crushers with different motion characteristics of the particles passing through the choke-level. The average error between the capacity calculated by the improved capacity model and the capacity determined according to the experimental data was 5.96%. Therefore, the accuracy of the improved capacity model was verified. The improved capacity model was used in the capacity calculation of the ZS200MF cone crusher; the error was 7.4% compared with the measured value at the production site; thus, the applicability of the improved capacity model is proved. The influences of four typical parameters of the cone crusher on capacity were investigated based on the improved capacity model, which provides theoretical support for the development of new high-efficiency cone crusher and the optimization of existing equipment.