A diagnostic geophysical‐based template, supported by modelling, is suggested to be used prior to, or in combination with geological/drilling data, when proposing a marine impact crater. The latter refers to impacts occurring in a marine setting and resulting in structures that are currently partially or totally underwater. The methodology is based on the well‐documented Mjølnir crater in the Barents Sea. The template has been developed in conjunction with the recently proposed and debated impact crater on the Malvinas (Falkland) Plateau in the South Atlantic. Despite their different sizes, their comparison adds to the ambiguous nature of the Malvinas structure and shows that the integrated analysis of seismic and potential field data and modelling is crucial for any interpretation of a marine impact crater without relevant geological information. The proposed workflow template utilizes all available geophysical data and is composed of a series of iterative steps, including a range of alternative nonimpact interpretations that must be discussed and accounted for. Subsequently, further iterative geophysical modelling is required to support and decipher the impact related processes. A more complex impact crater model and additional impact crater features can be resolved by physical property modelling. In all cases, a close spatial correspondence of the defined impact structure with potential field anomalies is a necessity to establish a causal relationship. We suggest that the diagnostic workflow template provides a methodology to be applied to future studies of the Malvinas structure, as well as to proposed marine (and, with minor adaptions, to nonmarine) impact craters in general.