In this paper, we investigate the initial value problem (IVP henceforth) associated with the generalized Ostrovsky equation as follows: urn:x-wiley:mma:media:mma3709:mma3709-math-0385 with initial data in the modified Sobolev space . Using Fourier restriction norm method, Tao's [k,Z]−multiplier method and the contraction mapping principle, we show that the local well‐posedness is established for the initial data with (k = 2) and is established for the initial data with (k = 3). Using these results and conservation laws, we also prove that the IVP is globally well‐posed for the initial data with s = 0(k = 2,3). Finally, using complex variables technique and Paley–Wiener theorem, we prove the unique continuation property for the IVP benefited from the ideas of Zhang ZY. et al., On the unique continuation property for the modified Kawahara equation, Advances in Mathematics (China), http://advmath.pku.edu.cn/CN/10.11845/sxjz.2014078b. Copyright © 2015 John Wiley & Sons, Ltd.