Traveling atmospheric disturbance (TAD) plays an important role in the energy and momentum transfer from the lower atmosphere to the upper atmosphere, and from high‐ to low‐latitudes. It is common to observe TADs propagating toward low latitudes because of enhanced Joule heating and/or the Lorentz force at the high‐latitude ionosphere during storm time. However, energy or momentum variation associated with their equatorward propagation remains unclear. Two geomagnetic storms occurred on 7–8 September 2017 and upper atmospheric disturbances are observed by the Swarm satellites and the Global Navigation Satellite System Total Electron Content network. We conduct a model simulation and term analysis of the energy equation to investigate the dominant terms of TAD. Adiabatic heating, conduction heating, and advection heating dominate the energy budget of TAD. Adiabatic heating plays an important role in the energy budget by transferring the most energy of TAD. An anti‐phase relationship between adiabatic and conduction heating is found in the propagation of these TADs. An in‐phase relationship between adiabatic and advection heating is also found. Physical processes behind these anti‐phase and in‐phase relationships are illustrated with a schematic. Finally, based on the dominant terms and the relationships between them, the whole process of generation, propagation, and dissipation of TAD is given.