AbstractKoplienko [Sib. Mat. Zh. 25 (1984), 62–71; English transl. in Siberian Math. J. 25 (1984), 735–743] found a trace formula for perturbations of self‐adjoint operators by operators of Hilbert–Schmidt class . Later, Neidhardt introduced a similar formula in the case of pairs of unitaries via multiplicative path in [Math. Nachr. 138 (1988), 7–25]. In 2012, Potapov and Sukochev [Comm. Math. Phys. 309 (2012), no. 3, 693–702] obtained a trace formula like the Koplienko trace formula for pairs of contractions by answering an open question posed by Gesztesy, Pushnitski, and Simon [Zh. Mat. Fiz. Anal. Geom. 4 (2008), no. 1, 63–107, 202; Open Question 11.2]. In this paper, we supply a new proof of the Koplienko trace formula in the case of pairs of contractions , where the initial operator is normal, via linear path by reducing the problem to a finite‐dimensional one as in the proof of Krein's trace formula by Voiculescu [Oper. Theory Adv. Appl. 24 (1987) 329–332] and Sinha and Mohapatra [Proc. Indian Acad. Sci. Math. Sci. 104 (1994), no. 4, 819–853] and [Integral Equations Operator Theory 24 (1996), no. 3, 285–297]. Consequently, we obtain the Koplienko trace formula for a class of pairs of contractions using the Schäffer matrix unitary dilation. Moreover, we also obtain the Koplienko trace formula for a pair of self‐adjoint operators and maximal dissipative operators using the Cayley transform. At the end, we extend the Koplienko–Neidhardt trace formula for a class of pairs of contractions via multiplicative path using the finite‐dimensional approximation method.