AbstractWe study magnetic fluctuations embedded in dipolarizations in the inner magnetosphere (a geocentric distance of ≤6.6 RE) and their associated ion flux changes, using the Engineering Test Satellite VIII and Active Magnetospheric Particle Tracer Explorers/CCE satellites. We select seven events of dipolarization that occur during the main phase of magnetic storms having a minimum value of the Dst index less than −40 nT. It is found that (1) all of the dipolarization events are accompanied by strong magnetic fluctuations with the major frequency close to the local O+ gyrofrequency; (2) the magnetic fluctuations appear with significant amplitude in the component nearly parallel to the local magnetic field; (3) the strong flux enhancement is seen in the energy range of 1–10 keV only for O+ ions. In terms of frequency and dominant components of the magnetic fluctuations, they are considered to be excited by the drift‐driven electromagnetic ion cyclotron (EMIC) instability that is recently identified with the linear theory. We perform particle tracing for H+ and O+ ions in the electromagnetic fields modeled by the linear dispersion relation of the drift‐driven EMIC instability. Results show that the O+ ions are accelerated to the energy range of 0.5–5 keV and undergo a significant modification of the spectral shape, while the H+ ions have no clear change of spectral shape, being consistent with the observations. We therefore suggest that the electromagnetic fluctuations associated with the dipolarizations can accelerate O+ ions locally and nonadiabatically in the inner magnetosphere. This selective acceleration of O+ ions may play a role in enhancing the O+ energy density in the storm time ring current.