Chalcogenide glass, such as GeSe, has been widely used in the selector device for high‐density vertically stackable memory application due to their nonlinear electrical property. The electronic structure of the valence band, from which the nature of the bonding, the short‐range structure, and the Fermi level can be obtained, is of great importance to understand their unique electrical behavior. However, the surface oxidation issue makes it difficult to obtain the accurate valence band structure by X‐ray photoelectron spectroscopy (XPS). Herein, XPS depth profiles using the combination of the monatomic and cluster ion etching are performed to determine the valence band structures of amorphous Ge–Se films capped with a thin carbon layer. The completely different etching behavior dependent on composition in the depth profiles may be closely associated with the intrinsic bonding configurations of the amorphous films. After obtaining the fresh surface, the intrinsic valence band structures of amorphous Ge–Se samples demonstrate the different bonding behavior and short‐range structure. Most importantly, the Fermi level of amorphous GexSe100−x compounds is also determined.