In order to test the possible interaction between dark energy and dark matter, we investigate observational constraints on a phenomenological scenario, in which the ratio between the dark energy and matter densities is proportional to the power‐law case of the scalefactor, r≡ (ρX/ρm) ∝aξ. By using the Markov chain Monte Carlo method, we constrain the phenomenological interacting dark energy model with the newly revised H(z) data, as well as the cosmic microwave background (CMB) observation from the 7‐year Wilkinson Microwave Anisotropy Probe (WMAP7) results, the baryonic acoustic oscillation (BAO) observation from the spectroscopic Sloan Digital Sky Survey (SDSS) Data Release 7 (DR7) galaxy sample and the Type Ia supernovae (SNe Ia) from the Union2 set. The best‐fitting values of the model parameters are Ωm0= 0.27+0.02−0.02 (1σ)+0.04−0.03 (2σ), ξ= 3.15+0.48−0.50(1σ)+0.72−0.71(2σ) and wX=−1.05+0.15−0.14(1σ)+0.21−0.21(2σ), which are more stringent than previous results. These results show that the standard Λ cold dark matter (ΛCDM) model without any interaction remains a good fit to the recent observational data; however, the interaction that the energy transferring from dark matter to dark energy is slightly favoured over the interaction from dark energy to dark matter. It is also shown that the H(z) data can give more stringent constraints on the phenomenological interacting scenario when combined with CMB and BAO observations, and the confidence regions of H(z)+BAO+CMB, SNe+BAO+CMB and H(z)+SNe+BAO+CMB combinations are consistent with each other.