Under investigation in this paper are the coupled Gross–Pitaevskii equations, which describe the dynamics of two‐component Bose–Einstein condensates. Infinitely many conservation laws are obtained based on the Lax pair. Via the Hirota method, Bell‐polynomial approach and symbolic computation, bilinear forms, Bell‐polynomial‐typed transformation, and bilinear‐typed Bäcklund transformation are also derived. One‐ and two‐soliton‐like solutions are expressed explicitly. The gain/loss coefficient G(t) can influence the velocity of the solitonic envelopes. Head‐on and overtaking elastic interactions are shown and analyzed. Inelastic interactions between two soliton‐like envelopes are presented as well.