Lossy mode resonance (LMR) is an optical resonance phenomenon developed in the past decade, which has been researched for sensors and filters due to its high sensitivity, low loss, and broad tunable range. As a novel technology, if an analytical mathematical model for some fundamental questions like how to design the resonance wavelength, surrounding sensitivity, resonance width, and resonance depth, it will be guiding significance to its development. Herein, this paper develops a generalized Fabry–Perot resonance theory for LMR, where the oblique incidence, cavity loss, and dispersion of substrate and cavity are comprehensively considered, and the consistency of this model and a more rigorous guided wave optics model have been verified. Then, analytical mathematical models are established and analyzed, and the designing criterion for LMR‐based optical devices is proposed. After intensive reviewing the work of predecessors, the previous experimental results are consistent with the prediction of this model, and this model can also provide some new ideas that have not been researched yet. As an assistant to wave optics theory, this paper provides a second perspective to understand LMR phenomenon, and it is hoped the analytical solutions for LMR can be a guide for designing optical devices.