While limited research has implicated the neuropeptide, pituitary adenylate cyclase‐activating polypeptide (PACAP), in problematic alcohol use, the brain regions and isoforms involved in this effect remain to be determined. One region that has been found both to exhibit PACAP binding and, separately, to be involved in ethanol drinking is the nucleus accumbens (NAc). Thus, this study sought to characterize the effect of the PACAP isoforms in the NAc on ethanol drinking under the intermittent‐access two‐bottle‐choice paradigm, in male and female Long–Evans rats. With microinjection into the medial NAc shell, PACAP‐27 but not PACAP‐38 was found to dose‐dependently reduce binge‐like ethanol drinking. In contrast, the PACAP receptor antagonist, PACAP (6‐27), but not PACAP (6‐38), enhanced ethanol drinking. This effect of PACAP was substance specific, as neither isoform in the NAc shell affected binge‐like sucrose drinking. It was also anatomically specific, as PACAP‐38 rather than PACAP‐27 suppressed ethanol drinking when injected into the NAc core, and PACAP‐27 instead enhanced drinking when injected into the caudal third of the medial NAc shell. Finally, while PACAP‐38 in the NAc shell affected stress‐related exploratory behavior, reducing time spent in the light chamber of a light–dark box, PACAP‐27 did not significantly affect behavior in a light–dark box or open field. Together, these results, showing that PACAP‐27 in the NAc shell attenuates binge‐like ethanol drinking without affecting select stress‐related behaviors, suggest that compounds related to this PACAP isoform should be investigated as potential novel therapeutics for the treatment of alcohol use disorder.