Nerve conduction has been frequently explained by the Hodgkin‐Huxley equation based on the flow of K+ and Na+ across the cell membrane. By considering the relation between the membrane potential and the membrane current based on the Goldman‐Hodgkin‐Katz equation, it becomes clear that the conventional analysis using the voltage‐clamp method is not correct and that the hyperpolarization condition is artificially made. Taking into account the channel functions and the electronic properties, we suggested a new propagation mechanism. When the nerve cell is excited by an external stimulus, the ligand‐gated channels at the synapse serve as an electric power source to propagate the change in the membrane potential to the synapse terminal along the axon and the voltage‐gated channels at the axon locally assist the directional propagation along the axon.