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Since 2011, ferroelectric HfO₂ has attracted growing interest in both fundamental and application oriented groups. In this material, noteworthy wake‐up and fatigue effects alter the shape of the polarization hysteresis loop during field cycling. Such changes are problematic for application of HfO₂ to ferroelectric memories, which require stable polarization hystereses. Herein, electrical and structural techniques are implemented to unveil how cyclic switching changes nanoscale film structure, which modifies the polarization hysteresis. Impedance spectroscopy and scanning transmission electron microscopy identify regions with different dielectric and conductive properties in films at different cycling stages, enabling development of a structural model to explain the wake‐up and fatigue phenomena. The wake‐up regime arises due to changes in bulk and interfacial structuring: the bulk undergoes a phase transformation …