The transformation of the lepidocrocite (γ‐FeOOH) lattice into the maghemite (γ‐Fe2O3) spinel structure is studied by X‐ray analysis, infrared spectroscopy, and ferromagnetic resonance technique. It is found that the dehydroxylation connected with the thermal treatment of lepidocrocite yieldsan excess of Fe3+ ions in its lattice preceding the transformation into maghemite. The recorded type of ferromagnetic phase with lepidocrocite structure suggests arandom distribution of these Fe3+ ions in tetrahedral sites. This appears to be a pre‐condition for the topotactic conversion with the formation of γ‐Fe2O3 spinell lattice.