A selective ultra‐high performance liquid chromatography tandem mass spectrometry cubed (UHPLC/MS3) assay for simultaneous determination of methotrexate (MTX) and 7‐hydroxy‐methotrexate (7‐OH‐MTX) in human plasma was developed and validated. After protein precipitation with methanol, chromatographic separation of MTX, MTX‐d3, and 7‐OH‐MTX was performed on a Waters AcQuity UPLC‐BEH column (2.1 × 50 mm I.D., 1.7 µm) with gradient elution. MRM3 transition was used for the detection of MTX (m/z 455.2→308.0→175.1) and 7‐OH‐MTX (m/z 471.3→191.0→148.1). The linear range of UHPLC/MS3 assay for the determination of MTX and 7‐OH‐MTX was 0.5–300 ng/mL (R2 ≥ 0.99) and 5–1500 ng/mL (R2 ≥ 0.99), respectively. The enhanced selectivity and sensitivity are the novelties of the developed UHPLC/MS3 assay. The analytical method was successfully applied to simultaneous determination of MTX and its major metabolite 7‐OH‐MTX in real human plasma samples.