Resistivity and induced polarization (IP) measurements (0.1–1000 Hz) were made on clay‐free unconsolidated sediments from a sandy, alluvial aquifer in the Kansas River floodplain. The sensitivity of imaginary conductivity σ″, a fundamental IP measurement, to lithological parameters, fluid conductivity, and degree of saturation was assessed. The previously reported power law dependence of IP on surface area and grain size is clearly observed despite the narrow lithologic range encountered in this unconsolidated sedimentary sequence. The grain‐size σ″ relationship is effectively frequency independent between 0.1 and 100 Hz but depends on the representative grain diameter used. For the sediments examined here, d90, the grain diameter of the coarsest sediments in a sample, is well correlated with σ″. The distribution of the internal surface in the well‐sorted, sandy sediments investigated here is such that most of the sample weight is likely required to account for the majority of the internal surface. We find the predictive capability of the Börner model for hydraulic conductivity (K)estimation from IP measurements is limited when applied to this narrow lithologic range. The relatively weak dependence of σ″ on fluid conductivity (σw) observed for these sediments when saturated with an NaCl solution (0.06–10 S/m) is consistent with competing effects of surface charge density and surface ionic mobility on σ″ as previously inferred for sandstone. Importantly, IP parameters are a function of saturation and exhibit hysteretic behavior over a drainage and imbibition cycle. However, σ″ is less dependent than the real conductivity σ′ on saturation. In the case of evaporative drying, the σ″ saturation exponent is approximately half of the σ′ exponent. Crosshole IP imaging illustrates the potential for lithologic discrimination of unconsolidated sediments. A fining‐upward sequence correlates with an upward increase in normalized chargeability Mn, a field IP parameter proportional to σ″. The hydraulic conductivity distribution obtained from the Börner model discriminates a hydraulically conductive sand–gravel from overlying medium sand.