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Summary: In this paper, the problem of simultaneous identification and predictive control of nonlinear dynamical systems using self‐recurrent wavelet neural network (SRWNN) is addressed. The structure of the SRWNN is a modification of the wavelet neural network (WNN). Unlike WNN, the neurons present in the hidden layer of SRWNN contain the weighted self‐feedback loops. Dynamic back‐propagation algorithm is employed to derive the necessary parameter update equations. To further improve the convergence speed of the parameters, a time‐varying (adaptive) learning rate is used. Four simulation examples are considered for testing the effectiveness of the proposed method. Furthermore, some disturbance rejection tests are also performed on the proposed method. The results obtained through the simulation study confirm the effectiveness of the proposed method. [ABSTRACT FROM AUTHOR]