We study the electronic structure of EuPtP, which exhibits two first‐order valence transitions at T1 = 247 K and T2 = 201 K, using angle‐resolved photoemission spectroscopy. Below T2, we observe an energy gap at the crossing point of the bulk Eu 4f and conduction bands. The shape of band dispersions is described by a hybridization‐band picture based on the periodic Anderson model. Our results demonstrate the c‐f hybridization effect in the low‐temperature phase of EuPtP.