The Yellowstone volcanic region is one of the most seismically active areas in the western United States. Assigning magnitudes (M) to Yellowstone earthquakes is a critical component of monitoring this geologically dynamic zone. The University of Utah Seismograph Stations (UUSS) has assigned M to 46,767 earthquakes in Yellowstone that occurred between 1 January 1984 and 31 December 2020. Here, we recalibrate the local magnitude () distance and station corrections for the Yellowstone volcanic region. This revision takes advantage of the large catalog of earthquakes and an increase in broadband stations installed by the UUSS since the last update in 2007. Using a nonparametric method, we invert 7728 high‐quality, analyst‐reviewed amplitude measurements from 1383 spatially distributed earthquakes for 39 distance corrections and 20 station corrections. The inversion is constrained with four moment magnitude () values determined from time‐domain inversion of regional‐distance broadband waveforms by the UUSS. Overall, the new distance corrections indicate relatively high attenuation of amplitudes with distance. The distance corrections decrease with hypocentral distance from 3 km to a local minimum at 80 km, rise to a broad peak at 110 km, and then decrease again out to 180 km. The broad peak may result from superposition of direct arrivals with near‐critical Moho reflections. Our inversion doubles the number of stations with corrections in and near the Yellowstone volcanic region. We estimate that the additional station corrections will nearly triple the number of Yellowstone earthquakes that can be assigned an . The new distance and station corrections will also reduce uncertainties in the mean s for Yellowstone earthquakes. The new s are ∼0.07 (±0.18) magnitude units smaller than the previous s and have better agreement with 12 s (3.15–4.49) determined by the UUSS and Saint Louis University.