We present three‐layer interior models of Uranus and Neptune with central rocky cores, mantles of water, methane, and ammonia (the ‘ices’), and outer envelopes primarily composed of hydrogen and helium. The models incorporate a new H2O equation of state based on experimental data which is considerably ‘softer’ than previous H2O equations of state. Corrections for interior temperatures ∼5000°K are included in the models, and the thermal evolution of both planets is investigated using recent heat flow measurements. We find that evolutionary considerations are consistent with gravitational field data in supporting models with approximately solar abundances of ‘ice’ and ‘rock.’ Models with very low abundances of water, methane, and ammonia can be excluded. Evolutionary considerations indicate that initial temperatures and luminosities for Uranus and Neptune were not substantially higher than the present value. Both planets apparently have relatively small (∼1–2 earth masses) hydrogen‐helium envelopes, with Neptune's envelope smaller than Uranus'. A monotonic trend is evident among the Jovian planets: all have central rock‐ice cores of ∼15 earth masses, but with hydrogen‐helium envelopes which decrease in mass from Jupite