This study proposes a direct three‐phase four‐wire power flow method to accurately analyse the neutral line and multiple grounding characteristics. In particular, the proposed grounding impedance building‐based solution method was used to analyse the neutral grounding impedance in power flow studies based on the slack bus grounding impedance. The accuracy of the proposed method was verified using a neutral‐to‐earth voltage test system. IEEE 13‐bus and 123‐bus test systems were used to compare the advantages and disadvantages of the proposed method. Compared to the current injection full Newton and forward–backward sweep methods, the proposed method achieves a significant reduction in iteration numbers of up to 76.92% and 77.78%, respectively. For different grounding scenarios, stable convergence characteristics were exhibited by the proposed method after six to seven iterations.