We propose a new type charge ordering scheme in Fe3O4 which is basically different from that postulated by Verwey. Recent observation of neutron critical scattering 1 above the 119°K transition has revealed that the internal lattice mode with wave vector 1/2 C* of the cubic reciprocal lattice becomes unstable at the transition. This suggests that the electron‐phonon interaction is playing an important role to initiate this phase transition, and that the transition would be understood as the condensation of a coupled charge density‐phonon mode. Based on this standpoint, the behavior of the phonons and the charge density waves along [00ξ] direction (Δ‐points) and of the neutron scattering cross sections due to these fluctuations is studied. The analysis of the observed intensity distributions of the critical scattering shows that the condensing phonon mode belongs to the two dimensional irreducible representation Δ5. When combined with the strong electron‐phonon interaction, this leads to the condensation of the charge density wave with the same symmetry Δ5, which is basically different from Verwey’s model. The scattered neutron spectra are also discussed in connection with the hopping relaxation time of the electrons.