In this paper, the adaptive tracking control problem is investigated for the multiagent systems with event‐triggered (ET) communication and asymmetric input saturation. By adopting an auxiliary system, the problem of asymmetric input saturation is successfully handled. Two ET mechanisms are employed in the controller‐to‐actuator channel and communication channel respectively to economize the limited communication resources. The update frequency of the controller can be reduced by devising a novel switching ET mechanism, which can unify the three existing ET schemes. Based on a backstepping technique, a distributed ET controller is devised, which only requires the sampled value of neighboring states. Due to the discontinuity of the ET state signals, the repetitive differentiation of virtual control laws will not be computed. To solve this problem, the predesigned differentiable partial derivatives of virtual control laws are used to construct the ET virtual control laws. By applying the Lyapunov stability method, it is proved that the desired tracking performance and the stability of the closed‐loop system can be guaranteed. Finally, a simulation example demonstrates that the proposed control strategy is effective.