Background Oscillatory activities observed in multiple regions are closely associated with the experience of pain. Specifically, oscillatory activities within the theta‐ and beta‐frequency bands, observed in the left dorsolateral prefrontal cortex (DLPFC), have been implicated in pain perception among healthy individuals and those with chronic pain. However, their physiological significance remains unclear. Methods We explored the modulation of pain perception in healthy individuals by theta‐ and beta‐band transcranial alternating current stimulation (tACS) over the left DLPFC and examined the relationship between the modulation effect and magnitude of the electric field elicited by tACS in the left DLPFC using computational simulation. Results Our findings revealed that both theta‐ and beta‐tACS increased the heat pain threshold during and after stimulation. Notably, the simulated electric field magnitude in the left DLPFC exhibited an inverted U‐shaped relationship with the pain modulation effect for theta‐tACS. Conclusions Our study findings suggested that there would be an optimal electric field strength to produce a high analgesic effect for theta‐tACS. Significance The application of theta‐ and beta‐tACS interventions targeting the left DLPFC might facilitate the treatment of chronic pain. Furthermore, the attainment of effective pain modulation via theta‐tACS over the DLPFC warrants the use of optimal stimulus intensity.