The worldwide data for COVID-19 for active, infected individuals in multiple waves show that traditional epidemic models with constant parameters are not able to capture this kind of disease behavior. We solved this major open mathematical problem in this report. We first consider the disease transmission rate for the stochastic SIRVI epidemic model, which satisfies the mean-reverting Ornstein–Uhlenbeck (OU) process, and we propose a new stochastic SIRVI model. We then showed the existence and uniqueness of the global solution and obtained sufficient conditions for the persistent mean and exponential extinction of infectious disease, which have not been given before. In the second part, we derive a nonlinear system of differential equations for the time-dependent transmission rate from the deterministic SIRVI model and present an algorithm to compute the time-dependent transmission rate directly from the given active, infected individuals’ data. We then show that the time-dependent transmission obtained from and perturbed by the Ornstein–Uhlenbeck process could be represented after using a smoothing technique using a finite linear combination of a Gaussian radial basis function, which was obtained from our algorithm. This novel computer-assisted proof provides a theoretical basis for other epidemic models and epidemic waves. Finally, some numerical solutions of the stochastic SIRVI model are presented using COVID-19 data from Saudi Arabia and Austria.