SummaryWith the development of information technology, the Internet of Things terminals are vulnerable to threats such as eavesdropping, tampering, and counterfeiting. The application of threshold group signature technology can effectively ensure the security of the system in applications such as battlefield intelligent decision‐making, connected vehicles, and intelligent manufacturing. However, the existing threshold group signature schemes lack the two‐way trusted authentication mechanism between group members and group manager, and group manager can easily become a security risk for the entire signature system. To solve this problem, this paper proposes a threshold group signature scheme based on elliptic curve that achieves mutual authentication of group members and group manager. The security analysis proves that the proposed scheme is anonymous, traceable, and can resist collusion attacks and frame attacks. The results of performance analysis and comparison also show that under the same security strength, the scheme proposed has shorter signature length, lower calculation amount for signature generation and signature verification, which can effectively reduce the communication and calculation overhead of the IoT terminal, and can be better applied to the Internet of Things application scenarios.