Abstract In the fracture‐conduit‐matrix system, distinct shape differences among water‐conducting channels (fractures and conduits) hinder developing an analytical model for flow characteristics and hydraulic conductivity assessment. To address this, we introduce the elliptic‐conduit‐matrix model (ECMM) under velocity slip interface conditions. This analytical model, adaptable to elliptical axis and matrix permeability variations, can be reduced to fracture‐matrix model, conduit‐matrix model, smooth elliptic (circular) pipes, and smooth fractures. Direct numerical simulations on flow in single, multi, and mixed channel‐matrix systems (varying channel counts and matrix permeabilities) validated the ECMM, demonstrating a higher precision compared to the previous models.