A new INM RAS global dynamical model of Earth’s ionosphere F region (100–500 km), which takes into account plasma-chemical processes, ambipolar diffusion, and advective ion transport due to electromagnetic drifts and neutral wind is presented. The model includes parameterizations of polar electric fields induced by magnetospheric convection and simplified equatorial drifts considerations. The focus of the paper is directed on the description of specific methods developed and utilized in the ionospheric model. Key processes responsible for the formation of global ionospheric features are outlined and their representation in the model is evaluated. The main global ionospheric characteristic features, such as seasonal and diurnal cycles, the equatorial ionization anomaly (EIA), polar ionization caps and the main trough have been adequately reproduced based on this model.