The , Ni/YSZ point electrode has been investigated using long‐term potential step measurements and impedance spectroscopy at 1273 K. Morphological and structural changes at the electrode interface were evaluated by electron microscopy, energy dispersive X‐ray analysis, and Raman spectroscopy ex situ. The anodic current was found to induce a self‐catalytic effect on the electrode, and the anodic “steady state” current increased to more than twice the initial value with a time constant of about 40 h. In contrast, cathodic polarization reduced the performance of the electrode, and the cathodic current decreased significantly with a time constant of about 20 h. Redistribution of material in the reaction zone is suggested to control most of the changes in electrode activity. At anodic overpotentials it was observed that Ni was transported to the electrolyte surface, forming a “necklace” of Ni particles around the electrode/electrolyte contact. This is believed to increase the three‐phase boundary (TPB) length and account for the higher activity of the electrode. At cathodic overpotentials the transfer of Ni to the YSZ was found to be restricted, and it is proposed that agglomeration of dispersed metal particles reduced the TPB length, and accordingly the cathodic current. In addition to the morphological modifications, the catalytic properties of the surfaces were significantly altered as the electrode was polarized. Transformation from cubic to tetragonal YSZ, due to segregation of the material, was observed on the surface of the electrolyte when the sample was kept at working conditions for long periods of time (135 days). The passage of current was not found to generate any permanent phase transformation in the YSZ.