Negative differential resistance (NDR), which describes the current decrease as the applied bias increases, holds great potential for varieties of electronic applications including radio‐frequency oscillators, multipliers, and multivalue logics. Here, the modulation of a unique NDR effect in ambipolar black phosphorus (BP) transistors is reported, which is activated by specific electrical field dependence of lateral carrier distribution and is distinct from conventional NDR devices that rely on quantum tunneling. The NDR device exhibits a high peak current density (34 µA µm−1) and a high operating temperature. More importantly, due to the strong coupling between the channel and the gate electrode, both the NDR peak current and peak/valley voltages can be effectively modulated by the electrostatic gate. Furthermore, it is demonstrated that light can serve as an additional terminal for NDR modulation. The findings could provide an important insight into the transport behavior of BP transistors and contribute to the design of ambipolar‐semiconductor‐based electrical circuits.