In this study, a new geometrically exact nonlinear model is developed for accurate analysis of buckling and postbuckling behavior of beams, for the first time. Three-dimensional nonlinear finite element analysis is conducted to verify the validity of the developed model even at very large postbuckling amplitudes. It is shown that the model commonly used in the literature for buckling analysis significantly underestimates the postbuckling amplitude. The proposed model is developed on the basis of the beam theory of Euler-Bernoulli, along with the assumption of centerline inextensibility, while taking into account the effect of initial imperfection. The Kelvin-Voigt model is utilized to model internal energy dissipation. To ensure accurate predictions in the postbuckling regime, the nonlinear terms in the equation of motion are kept exact with respect to the transverse motion, resulting in a geometrically exact model. It is shown that even a fifth-order truncated nonlinear model does not yield accurate results, highlighting the significant importance of keeping the terms exact with respect to the transverse motion. Using the verified geometrically exact model, the possibility of dynamic buckling is studied in detail. It is shown that dynamic buckling could occur at axial load variation amplitudes as small as 2.3% of the critical static buckling load.