In recent years, low-rank matrix recovery problems have attracted much attention in computer vision and machine learning. The corresponding rank minimization problems are both combinational and NP-hard in general, which are mainly solved by both nuclear norm and Schatten-p ( 0 < {p} < 1 ) norm based optimization algorithms. However, inspired by weighted nuclear norm and Schatten-p norm as the relaxations of rank function, the main merits of this work firstly provide a modified Schatten-p norm in the affine matrix rank minimization problem, denoted as the modified Schatten-p norm minimization (MSNM). Secondly, its surrogate function is constructed and the equivalence relationship with the MSNM is further achieved. Thirdly, the iterative singular value thresholding algorithm (ISVTA) is devised to optimize it, and its accelerated version, i.e., AISVTA, is also obtained to reduce the number of iterations through the well-known Nesterov's acceleration strategy. Most importantly, the convergence guarantees and their relationship with objective function, stationary point and variable sequence generated by the proposed algorithms are established under some specific assumptions, e.g., Kurdyka-Łojasiewicz (K) property. Finally, numerical experiments demonstrate the effectiveness of the proposed algorithms in the matrix completion problem for image inpainting and recommender systems. It should be noted that the accelerated algorithm has a much faster convergence speed and a very close recovery precision when comparing with the proposed non-accelerated one.