The Potsdam Magnetic Model of the Earth (POMME) is a geomagnetic field model providing an estimate of the Earth's core, crustal, magnetospheric, and induced magnetic fields. The internal field is represented to spherical harmonic (SH) degree 90, while the secular variation and acceleration are given to SH degree 16. Static and time‐varying magnetospheric fields are parameterized in Geocentric Solar‐Magnetospheric (GSM) and Solar‐Magnetic (SM) coordinates and include Disturbance Storm‐Time (Dst index) and Interplanetary Magnetic Field (IMF‐By) dependent contributions. The model was estimated from five years of CHAMP satellite magnetic data. All measurements were corrected for ocean tidal induction and night‐side ionospheric F‐region currents. The model is validated using an independent model from a combined data set of Ørsted and SAC‐C satellite measurements. For the core field to SH degree 13, the root mean square (RMS) vector difference between the two models at the center of the model period is smaller than 4 nT at the Earth's surface. The RMS uncertainty increases to about 100 nT for the predicted field in 2010, as inferred from the difference between the two models.