Thanks to space-borne experiments such as the AMS-02 and PAMELA missions in low-Earth orbit, along with the Voyager spacecrafts in the interstellar space, a large collection of multi-channel and time-resolved Galactic cosmic ray (GCR) data has recently become available. Here we present an improved measured-validated model of the solar modulation effect, i.e., the temporal evolution of the GCR flux inside the heliosphere caused by the 11-year variability cycle of the Sun’s magnetic activity. We present our improved modeling of the structure of the heliosphere, the physical mechanisms of diffusion, drift, and energy losses of GCR particles in the heliosphere. We present our results for the temporal dependence of the key model parameters and their relationship with solar activity proxies. We discuss implications for the GCR transport in magnetic turbulence, and new insights on our understanding of the solar modulation phenomenon.