AbstractCurrent behavioural treatment of obsessive‐compulsive disorder (OCD) is informed by fear conditioning and involves iteratively re‐evaluating previously threatening stimuli as safe. However, there is limited research investigating the neurobiological response to conditioning and reversal of threatening stimuli in individuals with OCD. A clinical sample of individuals with OCD (N = 45) and matched healthy controls (N = 45) underwent functional magnetic resonance imaging. While in the scanner, participants completed a well‐validated fear reversal task and a resting‐state scan. We found no evidence for group differences in task‐evoked brain activation or functional connectivity in OCD. Multivariate analyses encompassing all participants in the clinical and control groups suggested that subjective appraisal of threatening and safe stimuli were associated with a larger difference in brain activity than the contribution of OCD symptoms. In particular, we observed a brain‐behaviour continuum whereby heightened affective appraisal was related to increased bilateral insula activation during the task (r = 0.39, p_FWE = .001). These findings suggest that changes in conditioned threat‐related processes may not be a core neurobiological feature of OCD and encourage further research on the role of subjective experience in fear conditioning.