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Extracting volatiles from lunar regolith for analysis or utilization is one of the most important aspects of future lunar exploration. However, the low thermal conductivity of lunar regolith poses a challenge. Here, we conduct simulations to analyze the heat and mass transfer processes within the sample inside the oven. We identify three main factors affecting oven heat‐up rate: water ice content (WIC) in the regolith, oven diameter, and power supply. Taking these factors into account, we devise an oven design and apply it to three case studies: (a) assessing water ice and isotopic composition in Permanently Shadowed Regions, akin to Chang'e‐7 mini‐fly probe missions; (b) measuring noble gases, as Chang'e‐7 and Luna‐27 landers; and (c) large‐scale in‐situ resources utilization (ISRU). The simulation results indicate that water ice can be extracted using sufficiently high heating power without issues. However, the complete extraction of noble gases is challenging and may require alternative heating methods. For ISRU purposes, large ovens can be subdivided into smaller ones by adding internal structures, for example, honeycomb, to improve the heat‐up rate by at least 1.5 times. Additionally, we find that the oven can serve as a scientific payload for WIC measurement using the heating curve. A flowchart of this new WIC measurement method is provided, offering an alternative method to mass spectrometry or spectroscopy measurements. Key Points: The paper presents a realistic heating oven design for in‐situ extraction of volatiles from lunar regolithThree factors controlling the oven's heat‐up rate are water ice content (WIC) in regolith, oven diameter, and power supplyThe oven can serve as a scientific payload for measuring the WIC in regolith based on the heating curve [ABSTRACT FROM AUTHOR]