Herein, the temperature‐dependent magnetic structure and sign reversal exchange bias in CeCrO3 using magnetization data and time‐of‐flight neutron diffraction data which is given less attention among RCrO3 are investigated. While nuclear structural analysis using Rietveld refinement exhibits distorted orthorhombic structure within Pnma space group, temperature dependence of the magnetic structure using neutron diffraction reveals possible spin configurations, namely, Γ4, Γ2, and Γ1, within the temperature range of 6–300 K. Temperature‐dependent magnetization shows compensation temperature, Tcomp, at 58 K, spin reorientation temperature, TSR, at 15 K along with a Neel temperature, TN, at 260 K which is the outcome of the competition between canted antiferromagnetic ordering of Cr3+ ions and Ce3+ ions in CeCrO3. Furthermore, the magnetization versus magnetic field (M vs H) measurements indicate transition of the Γ4 spin structure to Γ2 spin structure around TSR which is further supported by reversible‐to‐irreversible changes observed in temperature‐dependent MFCC and MFCW. Moreover, a temperature‐driven sign reversal of exchange bias in CeCrO3 is observed, resulting from the competition between antiferromagnetic coupling between chromium moment (MCr) and cerium moment (MCe) in these nanoparticles. This intriguing behavior holds significant potential for the development of thermally assisted magnetic random access memory.