The aim of this paper is to study the relationship between internal migration and Spanish regional convergence between 1972 and 1998, a period between the mass emigration prior to the 1970s and the mass immigration of the end of the twentieth century. The main results indicate that internal migration led to a fall in Spanish regional development gaps. However, internal migration did not lead to the disappearance of these gaps in the long term. Some regions will always receive workers, others will send them out and a third group will experience a sequence of migration reversals. The econometric methodology used allows us to identify structural breaks and to differentiate between long‐ and short‐term effects. This approach enables predictions to be made for internal migration flows in the long term in the absence of shocks.