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We have computed dynamic susceptibilities of valence‐fluctuating Ce compunds for temperatures between 0.01 and 40 T₀, where T₀ is the position of the many‐body ‘‘Kondo resonance’’ in the 4f density of states. Our calculations reproduce several results seen in neutron scattering and nuclear‐magnetic‐resonance experiments: (i) nonmonotonic behavior of the magnetic relaxation rate, (ii) non‐Lorentzian behavior of the dynamic susceptibility for low temperatures, and (iii) high‐temperature T^1/2 behavior of the magnetic relaxation rate. Most of the magnetic relaxation data for valence‐fluctuating Ce compunds are consistent with the Kondo resonance picture which has been applied successfully previously to thermodynamic and high‐energy spectroscopy data.