The storage of hydrogen in compressed form has evolved as the primary choice for fuel cell vehicle manufacturers. Currently, composite tanks are a mature and promising option for compressed hydrogen storage for the on‐board application. Type IV tank with carbon fiber/epoxy composite with high density polyethylene liner provides high strength, lightweight, and excellent resistance to fatigue and corrosion. However, high pressure and temperature generated during refueling affect the structural stability of the composite tank. The objective of the work is to investigate the mechanical and thermal response of the tank at different refueling conditions specified in SAEJ2601. For this, finite element analysis was used to examine the stresses, strains, deformation, and failure evolution during refueling. The results show good agreement between simulated and experimental reported burst pressure of the tank with 5.52% difference which might be due to the type of carbon fiber used, fiber winding pattern, number of layers, and loading conditions considered for the analysis. The results presented here show some new insight into behavior of composite tanks under dynamic load conditions of refueling.