In this paper we study the scalar Aharonov‐Bohm effect for a neutral particle possessing a magnetic dipole moment in the presence of a cosmic string. We study the phase shift acquired by the wave function of the neutral particle in the presence of this topological defect, investigate this phase shift within nonrelativistic and relativistic quantum descriptions considering two distinct magnetic field configurations and find that the scalar Aharonov‐Bohm effect is composed by two contributions, with the first one arises due to the interaction of a magnetic dipole with an external field, and other one arises due to the presence of the cosmic string. The nondispersivity of this effect is also discussed.