Tensor ring (TR) decomposition has been widely applied as an effective approach in a variety of applications to discover the hidden low‐rank patterns in multidimensional and higher‐order data. A well‐known method for TR decomposition is the alternating least squares (ALS). However, solving the ALS subproblems often suffers from high cost issue, especially for large‐scale tensors. In this paper, we provide two strategies to tackle this issue and design three ALS‐based algorithms. Specifically, the first strategy is used to simplify the calculation of the coefficient matrices of the normal equations for the ALS subproblems, which takes full advantage of the structure of the coefficient matrices of the subproblems and hence makes the corresponding algorithm perform much better than the regular ALS method in terms of computing time. The second strategy is to stabilize the ALS subproblems by QR factorizations on TR‐cores, and hence the corresponding algorithms are more numerically stable compared with our first algorithm. Extensive numerical experiments on synthetic and real data are given to illustrate and confirm the above results. In addition, we also present the complexity analyses of the proposed algorithms.