First principles molecular dynamics studies on active‐site models of flavocytochrome b2 (l‐lactate : cytochrome c oxidoreductase, Fcb2), in complex with the substrate, were carried out for the first time to contribute towards establishing the mechanism of the enzyme‐catalyzed l‐lactate oxidation reaction, a still‐debated issue. In the calculated enzyme–substrate model complex, the l‐lactate α‐OH hydrogen is hydrogen bonded to the active‐site base H373 Nε, whereas the Hα is directed towards flavin N5, suggesting that the reaction is initiated by α‐OH proton abstraction. Starting from this structure, simulation of l‐lactate oxidation led to formation of the reduced enzyme–pyruvate complex by transfer of a hydride from lactate to flavin mononucleotide, without intermediates, but with α‐OH proton abstraction preceding Hα transfer and a calculated free energy barrier (12.1 kcal·mol−1) consistent with that determined experimentally (13.5 kcal·mol−1). Simulation results also revealed features that are of relevance to the understanding of catalysis in Fcb2 homologs and in a number of flavoenzymes. Namely, they highlighted the role of: (a) the flavin mononucleotide–ribityl chain 2′OH group in maintaining the conserved K349 in a geometry favoring flavin reduction; (b) an active site water molecule belonging to a S371–Wat–D282–H373 hydrogen‐bonded chain, conserved in the structures of Fcb2 family members, which modulates the reactivity of the key catalytic histidine; and (c) the flavin C4a–C10a locus in facilitating proton transfer from the substrate to the active‐site base, favoring the initial step of the lactate dehydrogenation reaction.