A general expression for the Poisson's ratio (PR) of square or 2D cubic materials is discussed in terms of the elastic moduli ratios, X=G/K and Y=G/W, where G and W are the shear moduli, and K is the bulk modulus. The entire XY‐plane is partitioned into nonauxetic, partially auxetic, and auxetic regions by two straight lines. A representation of the XY‐plane with the elastic constant ratio λ=C12/C44 is exploited to investigate 2D square materials under nonzero hydrostatic pressure. It is demonstrated that 2D square materials with λ>0 can be auxetic only under negative pressure. Similarities and differences between the corresponding descriptions of auxetic behavior of cubic 3D materials are pointed out.