AbstractEnergy and material flows and material stocks are key requirements for the supply of goods and services, which in turn support societal development. However, most resource accounting methods restrict the analysis to resource flows, which fails to acknowledge the increasing role of in‐use stocks in service provision. Using the UK transport sector as a case study, we undertook a material flow analysis through the lens of the stock–flow–service (SFS) nexus. We used the latter to identify how steel consumption and accumulation in vehicles contributed to passenger mobility between 1960 and 2015. Our results show that the efficiency of the steel stock contained in cars and motorcycles decreased from 37.5 to 28.0 passenger‐km (pkm)/kg‐year. The steel service for buses decreased from 63.6 to 32.1 pkm/kg‐year, while that of the national railway increased from 23.8 to 70.3 pkm/kg‐year steel. London Underground steel stock–service efficiency improved from 31.5 to 57.0 pkm/kg‐year steel. The annual fraction of flows that maintained the steel stock varied according to vehicle category and was between 3.4% and 8.2%. In terms of the stock expansion rate, the greatest change (on average, an annual increase of 3%) was that of “cars and motorcycles.” This reflects the demographic transitions and the growing consumer demand for car‐based mobility. We discussed how the SFS nexus contributes to a more comprehensive form of resource accounting and reflect upon some of its limitations and how they might be addressed.