Accurately calculating bed load transport rate has been a challenge in hydraulic engineering for decades. Based on catastrophe theory, the interaction between the flow velocity and the diameter of sediment particles on the nonlinear dynamic characteristics of sediment transport process have been analyzed and a nonlinear formula was established for bed load transport. The present formula clearly described the change of sediment transport rate with the bed adjustment. By comparing with experimental data and results from previous formulas for bed load transport, the main reasons for the differences between the calculation results of different formulas were investigated. It was proved that catastrophe theory was suitable for the dynamic stability analysis of bed load transport process and could be used to compute bed load transport rate and the critical conditions for sediment motion. The match of calculated results with measured date indicated that the proposed formula has high accuracy and can be applicable to river regulation and other projects.