We propose a new ordering model of Fe3O4. Saturation magnetization measurements detected a decrease of only 0.1% at the Verwey transition in cooling. Mössbauer study gave the directions of the electric field gradient of Fe2+ ions and NMR spin echo observation separated 8 Fe3+ ions on A sites and 8 Fe2+ and 8 Fe3+ ions on B sites. X‐ray diffraction confirmed the c‐doubling of the unit cell. We believe that electrostatic interaction and stabilization of electron orbital of Fe2+ ions are most important, which create a Verwey‐like electron ordering with a rhombohedral distortion, being followed by a correlated buckling with the κ vector of magnitude π/c. In these displacements the A site Fe3+ ions play a decisive role to stabilize dεxy orbital of Fe2+‐II with an important choice of the displacements, changing the crystal symmetry into magnetoelectric.