The capacity fade of modern lithium ion batteries is mainly caused by the formation and growth of the solid–electrolyte interphase (SEI). Numerous continuum models support its understanding and mitigation by studying SEI growth during battery storage. However, only a few electrochemical models discuss SEI growth during battery operation. In this article, a continuum model is developed that consistently captures the influence of open‐circuit potential, current direction, current magnitude, and cycle number on the growth of the SEI. The model is based on the formation and diffusion of neutral lithium atoms, which carry electrons through the SEI. Recent short‐ and long‐term experiments provide validation for our model. SEI growth is limited by either reaction, diffusion, or migration. For the first time, the transition between these mechanisms is modelled. Thereby, an explanation is provided for the fading of capacity with time
t
of the form
t
β
with the scaling coefficent
β
, 0≤
β
≤1. Based on the model, critical operation conditions accelerating SEI growth are identified.