Characteristics of anti‐ambipolar transistors (AATs) are perfectly represented by a model of series transistors, and the transistor parameters are extracted from experimentally observed characteristics, where not only the transfer but also the output characteristics follow the square dependence derived from the saturated region. The consistency of the observed and calculated results demonstrates carriers are all recombined in the lateral p–n junction region. The transfer curve has a characteristic sharp peak, but when there is an overlapped region (Vthh > Vthe), the peak is rounded because both transistors are operated in the linear regions. In such a case, a nonzero current appears even at negative VD accompanied by a constant ID region at large negative VD. This study offers a quantitative analysis of organic AATs depending on the different operation regions.