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This article presents a low‐phase noise negative resistance oscillator using the dual‐cavity resonator (DCR) based on substrate integrated suspended line (SISL) technology. Two air cavities are stacked without increasing the footprint areas of the oscillator. A coupling hole is introduced to realize weak coupling between the two air cavities. The DCR can enhance the roll‐off of the equivalent resonator. The measured Q factor of the DCR is increased by 15% compared with the single cavity resonator. The measured phase noise of the designed oscillator is −135.32 dBc/Hz at 1 MHz offset from the carrier frequency of 12.44 GHz, and the measured FOM at 1 MHz offset is −204 dBc/Hz. Besides, the designed oscillator based on SISL technology has the advantages of low cost, compact size, and self‐packaging properties.