A finite difference delay modeling (FDDM) method accelerated by adaptive cross approximation‐singular value decomposition (ACA‐SVD) is developed to solve time‐domain combined field integral equations for transient electromagnetic scattering. In the proposed method, the variable s in the Laplace domain is expressed as a difference function about z in the z‐transform domain to achieve the temporal discretization, thus improving the stability of the solution. And the method is purely algebraic and does not depend on the Green’s function. It takes advantage of the rank‐deficient nature of the impedance submatrix blocks in the FDDM to reduce the memory requirement and the computational cost. The rank‐deficient submatrix blocks can reach the maximum compression level through the ACA‐SVD. Numerical results about the electromagnetic scattering from perfect electric conducting objects are given to verify the validity and efficiency of the proposed method.