Magneto‐optical transitions induced by the coupling between the conduction and the valence bands through the momentum matrix element, and by the coupling terms between light and heavy holes resulting from an applied magnetic field are studied theoretically in narrow gap HgTe–CdTe superlattices. Selection rules and transition probabilities for the above transitions are presented and compared with allowed transitions. The numerical results for the transition probabilities show that some of the interband transitions with ΔN=±1 are significant and have to be considered in the studies of interband magneto‐optical spectra of narrow gap superlattices.