As externally imposed flow rate increases during imbibition, viscous force increasingly dominates displacement over capillarity and imbibition shifts from capillary to capillary‐viscous regimes. Previous studies focused on capillary regime, lacking a fundamental understanding of regime transition. Here we study the imbibition transition via flow rate‐controlled experiments in a rough fracture. By analyzing energy balance in multiphase flow system, we find a fundamental link between regime transition and energy conversion. In capillary regime, surface energy is partially transformed into external work and an amount of 51−58% is dissipated via local rapid, irreversible events; while in capillary‐viscous regime, surface energy together with external work is transformed into kinetic and dissipated energies. This transition, corresponding to critical capillary number, is evidenced by quantitative analysis of invasion morphologies. Our work bridges the gap between energy conversion/dissipation and multiphase flow and has important implications for identifying imbibition regimes in enhanced oil recovery and geological CO2 sequestration.