A few studies have claimed that Pt single‐atom catalysts (SACs) can catalyze the oxygen reduction reaction (ORR) following a four‐electron pathway (O2+4H++4e−→2H2O). Here, we show that, in the presence of a seemingly negligible amount of Pt nanoparticles, the ORR can mistakenly be thought to occur via a four‐electron pathway on Pt SACs. Various weight percentages (1, 2, 4, 8 wt%) of Pt SACs were prepared on C3N4 layers deposited on a carbon support (C@C3N4). Through a combination of H2/CO uptakes and high angle annular dark field scanning transmission electron microscopy (HAADF‐STEM) results, the amount of Pt nanoparticles could be estimated when they were mixed with Pt single atoms. Particularly, most of Pt in the 4 wt% Pt catalyst existed as single atoms, but a small number of Pt nanoparticles co‐existed. Although this catalyst seemed to follow the four‐electron pathway, the reaction actually occurred on Pt nanoparticles, not Pt single‐atoms.