High efficient, low-cost and environmentally friendly-natured bi-functional-based perovskite electrode catalysts (BFPEC) are receiving increasing attention for oxygen reduction/oxygen evolution reaction (ORR/OER), playing an important role in the electrochemical energy conversion process using fuel cells and rechargeable batteries. Herein, we highlighted the different kinds of synthesis routes, morphological studies and electrode catalysts with A-site and B-site substitution co-substitution, generating oxygen vacancies studies for boosting ORR and OER activities. However, perovskite is a novel type of oxide family, which shows the state-of-art electrocatalytic performances in energy storage device applications. In this review article, we go through different types of BFPECs that have received massive appreciation and various strategies to promote their electrocatalytic activities (ORR/OER). Based on these various properties and their applications of BFPEC for ORR/OER, the general mechanism, catalytic performance and future outlook of these electrode catalysts have also been discussed.