The Campi Flegrei caldera is a large volcanic complex lying in the Campanian Plain, Southern Italy. During its history the caldera experienced episodes of bradyseism and intense swarm seismicity. The mechanism leading to unrest episodes is still debated, and great efforts are ongoing to improve the knowledge of this structure and its evolution due to the high volcanic risk in such a densely populated area. Here we present a resistivity model from a two‐dimensional inversion of audiomagnetotelluric data acquired along an approximately 5.6‐km long profile crosscutting the Solfatara‐Pisciarelli district and the Agnano plain. The resistivity model shows (1) very low resistivity values confined in the first 500 m of depth both in correspondence of the Solfatara‐Pisciarelli districts and the Agnano depression; (2) a resistive plume that extends underneath the Solfatara crater down to 2,000‐ to 3,000‐m depth, and (3) an adjoining relative conductive unit eastward. We discuss the resistivity structures in a multidisciplinary framework integrating inedited geochemical and seismological observations with existing surface geology and subsurface information. The Solfatara‐Pisciarelli district and the Agnano plain, both being expression of intense hydrothermal activity, show different characteristics. Below the Solfatara‐Pisciarelli area, the shallow conductive zone is interpreted as a faulted clay cap that overlies a highly active vapor‐dominated reservoir characterized by a convective mechanism. Conversely, below the Agnano plain, a liquid phase seems to prevail in the reservoir. The spatiotemporal variations of seismicity imply a combined action of preexisting tectonic lineaments and fluid interaction between the gas/steam reservoir and the outflow zone.