Preeclampsia (PE) is a common pregnancy complication with a high mortality rate. Abnormally activated endoplasmic reticulum stress (ERS) is believed to be responsible for the destruction of key placental cells‐trophoblasts. Phenylbutyric acid (4‐PBA), an ERS inhibitor, is involved in regulating the development of ERS‐related diseases. At present, how 4‐PBA affects trophoblasts and its mechanisms is still unclear. In this study, PE cell models were established by stimulating HTR‐8/SVneo cells with hypoxia. To verify the underlying mechanisms of 4‐PBA on PE, CCT020312, an activator of PERK, was also used. The results showed that 4‐PBA restored hypoxia‐induced trophoblast viability, inhibited HIF‐1α protein expression, inflammation, and PERK/ATF‐4/CHOP pathway. Hoechst 33342 staining and flow cytometry results confirmed that 4‐PBA decreased hypoxia‐induced apoptosis in trophoblasts. The results of the JC‐1 analysis and apoptosis initiation enzyme activity assay also demonstrated that 4‐PBA inhibited apoptosis related to the mitochondrial pathway. Furthermore, by detecting autophagy in trophoblasts, an increased number of autophagic vesicles, damaged mitochondria, enhanced dansylcadaverine fluorescence, enhanced levels of autophagy proteins Beclin‐1, LC3II, and decreased p62 were seen in hypoxia‐stimulated cells. These changes were reversed by 4‐PBA. Furthermore, it was observed that CCT020312 reversed the effects of 4‐PBA on the viability, apoptosis, and autophagosome number of hypoxia‐induced trophoblasts. In summary, 4‐PBA reduces autophagy and apoptosis via the PERK/ATF‐4/CHOP pathway and mitochondrial pathway, thereby restoring the viability of hypoxic trophoblasts. These findings provide a solid evidence base for the use of 4‐PBA in PE treatment and guide a new direction for improving the outcomes of patients with PE.