AbstractInterband cascade lasers (ICLs) stand out due to their low threshold current and minimal power consumption, rendering them viable sources for compact and mobile devices in the mid‐infrared. Since their first demonstration, they experienced major performance improvements. Mostly they originate from either improved material quality or the outcomes of numerical analysis of secluded parts. Encouraged by the impact of secluded models, an ICL‐specific simulation tool can lead to performance breakthroughs and a better comprehension of governing mechanisms. Drawing from an evaluation of existing tools designed for quantum cascade structures, a self‐consistent density matrix rate equation model is implemented to simulate the transport in both conduction and valence band heterostructures. Albeit the extensive inclusion of the quantum effects, special care was taken to maintain a high numerical efficiency. The charge transport model additionally considers optical field calculations, allowing for predictive calculations of light–current–voltage curves. The model is benchmarked against well‐established ICL designs and demonstrate reliable performance predictability. Additionally, detailed insights into device characteristics extracted from the model are provided. This ultimately allows to deepen the understanding of ICL and not only refine existing ones but also generate novel optimized designs.