Terahertz (THz) quantum cascade lasers (QCLs) are technologically important laser sources for the THz range but are complex to model. An efficient extended rate equation model is developed here by incorporating the resonant tunneling mechanism from the density matrix formalism, which permits to simulate THz QCLs with thick carrier injection barriers within the semi-classical formalism. A self-consistent solution is obtained by iteratively solving the Schrödinger–Poisson equation with this transport model. Carrier–light coupling is also included to simulate the current behavior arising from stimulated emission. As a quasi-ab initio model, intermediate parameters, such as pure dephasing time and optical linewidth, are dynamically calculated in the convergence process, and the only fitting parameters are the interface roughness correlation length and height. Good agreement has been achieved by comparing the simulation results of various designs with experiments, and other models such as density matrix Monte Carlo and non-equilibrium Green's function method that, unlike here, require important computational resources. The accuracy, compatibility, and computational efficiency of our model enable many application scenarios, such as design optimization and quantitative insights into THz QCLs. Finally, the source code of the model is also provided in the supplementary material of this article for readers to repeat the results presented here, investigate, and optimize new designs.