We reconsider the problem of a one‐dimensional Ising model with an arbitrary nearest‐neighbor random exchange integral, temperature, and random magnetic field in each site. A convenient formalism is developed that reduces the partition function to a recurrence equation, which is convenient both for numerical as well as for analytical approaches. We have calculated asymptotic expressions for an ensemble averaged free energy and the averaged magnetization in the case of strong and weak couplings in external constant magnetic field. With a random magnetic field at each site in addition to nearest‐neighbor random exchange integrals we also evaluated the free energy. We show that the zeros of the partition function for the Ising model in the complex external magnetic field plane formally coincide with the singularities of the real part of electron's transmission amplitude through the chain of δ‐function potentials.