Atmospheric stability affects wind turbine wakes significantly. High-fidelity approaches such as large eddy simulations (LES) with the actuator line (AL) model which predicts detailed wake structures, fail to be applied in wind farm engineering applications due to its expensive cost. In order to make wind farm simulations computationally affordable, this paper proposes a new actuator disk model (AD) based on the blade element method (BEM) and combined with Reynolds-averaged Navier–Stokes equations (RANS) to model turbine wakes under different atmospheric stability conditions. In the proposed model, the upstream reference velocity is firstly estimated from the disk averaged velocity based on the one-dimensional momentum theory, and then is used to evaluate the rotor speed to calculate blade element forces. Flow similarity functions based on field measurement are applied to limit wind shear under strongly stable conditions, and turbulence source terms are added to take the buoyant-driven effects into consideration. Results from the new AD model are compared with field measurements and results from the AD model based on the thrust coefficient, the BEM-AD model with classical similarity functions and a high-fidelity LES approach. The results show that the proposed method is better in simulating wakes under various atmospheric stability conditions than the other AD models and has a similar performance to the high-fidelity LES approach however in much lower computational cost.