SummaryThe work focuses on the simultaneous improvement on the throughput and information freshness of the promising satellite‐based Internet of Things (S‐IoT). To this end, we first propose a method based on the adaptive modulation coding (AMC) and truncated layer‐coded hybrid automatic repeat request (L‐HARQ) strategies by especially considering the difference in the channel state information (CSI) between the transmitter and receiver. On account of the large signal delay of the S‐IoT systems, this paper establishes the channel model based on the correlation of the signal‐to‐noise ratio (SNR) under the outdated channel and the ideal channel. Secondly, considering the fact that the improved backtrack decoding is used in the L‐HARQ, the classical definition of age of information (AoI) is insufficient to quantify the status update freshness, we propose the age of error information (AoEI), which is defined as the elapsed time since the generation of the lastly successfully backtrack‐decoded status update. Thirdly, we characterize the statistical descriptions of the maximum wait time of the successfully recovered status updates and the interdeparture time between the two consecutive status update packets that are lastly successfully received. Then, the closed‐form expression of average AoEI is derived under the assumption of independent and identically distributed fading channels. Finally, the Markov decision process (MDP) framework is used to optimize the packet parameters in each round of L‐HARQ process under the general fading scenario. Thereby, the optimized transmission scheme that minimizes AoI with throughput constraint is solved. The simulations investigate the effect of system parameters on the average AoEI.