This paper proposes an admittance control algorithm for lower‐limb exoskeletons to assist able‐bodied wearers in performing energy‐efficient stance‐squat transitions while carrying a payload of up to 20 kg. A two‐degree‐of‐freedom (DOF) model dedicated to the stance‐squat transition is derived, which takes into account the wearer's torso inclination angle and the vertical displacement of the hip joint. The torso inclination angle is obtained from an inertial measurement unit (IMU) located at the backpack of the exoskeleton. In addition, the moment caused by the torso plus the payload with respect to the hip joint is estimated. Then a model‐based disturbance observer (DOB) is used to estimate the wearer's joint torque as an indication of the motion intention, and the exoskeleton complies with the intention by following the desired joint angular velocity generated from the estimated wearer's joint torque through an admittance function. Experiments with different admittance parameters are conducted, and the energy consumption of the wearer is evaluated in terms of the normalized energy consumption index (NECI) and the physiological cost index (PCI). Furthermore, experimental comparisons of energy consumption are made for a subject carrying a payload of up to 20 kg and performing repeated stance‐squat transitions with and without the exoskeleton. The results show that a 50% reduction of energy consumption (in terms of PCI) is achieved by the exoskeleton with the proposed admittance control strategy.