The emergence of non‐precious metal‐based robust and economic bifunctional oxygen electrocatalysts for both oxygen reduction reaction (ORR) and oxygen evolution reaction (OER) is crucial for the rational design of commercial rechargeable Zn–air batteries (RZAB) with safe energy conversion and storage systems. Herein, a facile strategy to fabricate a cost‐efficient, bifunctional oxygen electrocatalyst Fe3C/Fe decorated N doped carbon (FeC‐700) with a unique structure has been developed by carbonization of a single source precursor, tetrabutylammonium tetrachloroferrate(III) complex. The ORR and OER activity revealed excellent performance (ΔE = 0.77 V) of the FeC‐700 electrocatalyst, comparable to commercial Pt/C and RuO2, respectively. The designed temperature‐tuneable structure provided sufficiently accessible active sites for the continuous passage of electrons by shortening the mass transfer pathway, leading to extremely durable electrocatalysts with high ECSA and amazing charge transfer performance. Remarkably, the assembled Zn–air batteries with the FeC‐700 catalyst as the bifunctional air electrode delivers gratifying charging–discharging ability with an impressive power density of 134 mW cm‐2 with a long lifespan, demonstrating prodigious possibilities for practical application.