Abstract Ocean mesoscale structures play a central role in transporting oceanic properties, accounting for a significant fraction of ocean’s total kinetic energy (KE). Using 23 years of a novel multisatellite altimetric estimate, we assess the contribution of eddy kinetic energy (EKE), mean kinetic energy (MKE) and cross terms to the temporal mean and temporal variability of KE. EKE explains approximately 72% of the global mean KE, reducing previous estimates by ∼7%–20%, depending on the data set. Regionally, MKE dominates in intense steady flows within western boundary currents, the Antarctic Circumpolar Current (ACC), the Labrador Current, and equatorial band, while EKE dominates over 90% of the global ocean. EKE drives KE temporal variability and positive trend globally, except in regions with large MKE contribution, where cross terms become non‐negligible. These findings emphasize the dominant role of EKE in shaping global KE, while highlighting the importance of MKE and cross terms in key climate regions.