The minimum void ratio is a fundamental physical index for evaluating particle properties in soil mechanics, ceramic processing, and concrete mixes. Previous research found that both particle size distribution and particle shape characteristics would affect minimum void ratio, while the current research generally uses a linear model to estimate the minimum void ratio of a binary mixture, ignoring quantitative effect of particle shape on the minimum void ratio. Based on a study of binary mixtures of natural sand from three different origins and iron particles of two different shapes, this paper analyzes the influence factors of the minimum void ratio, and a quadratic nonlinear model is proposed for estimating the minimum void ratio of binary mixture. The model contains only one undetermined coefficient, a, the value of which is correlated to the particle sphericity, particle size, and particle size ratio. A theoretical calculation formula for the coefficient a is proposed to quantitatively analyze the effects of these three factors on the size of the parameters. In the end, the model is used to estimate the minimum void ratios of sand and substitute particles from different producing areas; the average difference between the estimated values and the fitted values is about 2.03%, suggesting that the estimated values of the model fit well with the measured data.