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Phreatic and phreatomagmatic eruptions represent some of the greatest hazards occurring on volcanoes. They result from complex interactions at a depth between rock, water, and magmatic fluids. Understanding and assessing such processes remain a challenging task, notably because a large‐scale characterization of volcanic edifices is often lacking. Here we focused on Miyakejima Island, an inhabited 8‐km‐wide stratovolcano with regular phreatomagmatic activity. We imaged its plumbing system through a combination of four geophysical techniques: magnetotellurics, seismicity, self‐potential, and thermal image. We thus propose the first comprehensive interpretation of the volcanic island in terms of rock properties, temperature, fluid content, and fluid flow. We identify a shallow aquifer lying above a clay cap (<1 km depth) and reveal its relation with magmatic‐tectonic features and past eruptive activity. At greater depths (2–4.5 km), we infer a seismogenic resistive region interpreted as a magmatic gas‐rich reservoir (≥370°C). From this reservoir, gases rise through a fractured conduit before being released in the fumarolic area at ∼180°C. During their ascent, these hot fluids cross a ∼1.2‐km‐long liquid‐dominated zone causing local steam explosions. Such magmatic‐hydrothermal interaction elucidates (i) the origin of the long‐period seismic events and (ii) the mixing mechanism between magmatic and hydrothermal fluids, which was previously observed in the geochemical signature of fumaroles. Our results demonstrate that combining multidisciplinary large‐scale methods is a relevant approach to better understand volcanic systems, with implications for monitoring strategies. Key Points: An elongated aquifer (<1 km depth) lies between a resistive unsaturated layer and a conductive clay capA gas‐rich reservoir (2–4.5 km depth) feeds the main fumarolic areaMagmatic gases interact during their ascent with a 1.2‐km‐long water‐rich region creating local steam explosions [ABSTRACT FROM AUTHOR]