A unified formulation is presented to study the nonlinear low‐frequency electrostatic waves in a magnetized low‐b plasma. It is found that there exist three types of nonlinear waves; (i) nonlinear ion‐cyclotron periodic waves with a wave speedVp≳Cs(ion‐acoustic velocity); (ii) nonlinear ion‐acoustic periodic waves withVp<Cs cosq; and (iii) ion‐acoustic solitons withCs cosq<Vp<Cs, where q is the angle between the wave vector and the magnetic field.