Euler potentials are found for the magnetic field in the inner magnetosphere, consisting of the Earth's dipole field, the Dungey term, ring current (RC), and field‐aligned current (FAC). The magnetic field in this approximation is axially symmetric. One Euler potential for the dipole, Dungey term, and RC is the same, while that for the magnetic field induced by FAC is different and calculated in this work under the condition that all four field contributions have the same second Euler potential. The Euler potentials are determined for quiet, severe, and superstorm geomagnetic conditions. The restriction of the model is its axial symmetry, so changes of the location and intensity of the currents with azimuthal angle are not explicitly present. On the other hand, these parameters can be changed in the model, and one can study local distributions.