The origin of the converse magnetoelectric (CME) effect in the Nb‐doped BaTiO3 (NBTO) polar metal is investigated by density functional theory. Unlike the Fe doping system, where the magnetic moment is chiefly contributed by eg orbitals of the Fe atom, the magnetic moment of the NBTO system is mainly contributed by the dxz/dyz orbitals of Ti (Nb) atoms and highly depends on the polarization intensity. When the in‐plane compressive strain η ≤ −2%, the magnetic moment of the NBTO system is zero because electrons predominantly occupy the dxy orbitals. However, the switching process of the ferroelectric polarization induces a strong CME effect with significant magnetic moment changes. Especially, the magnetic moment changes in the NBTO system with the compressive strain η ≤ −2%, which is dozens of times of that of the unstrained NBTO system. These results are useful for designing new ultrafast and low‐power information storage devices with remarkable electrically controlled magnetism.