Learning and studying the structure–activity relationship in the bio‐enzymes is conducive to the design of nanozymes for energy and environmental application. Herein, Fe single‐atom nanozymes (Fe‐SANs) with Fe–N
5
site, inspired by the structure of cytochromes P450 (CYPs), are developed and characterized. Similar to the CYPs, the hyperoxide can activate the Fe(III) center of Fe‐SANs to generate Fe(IV)=O intermediately, which can transfer oxygen to the substrate with ultrafast speed. Particularly, using the peroxymonosulfate (PMS)‐activated Fe‐SANs to oxidize sulfamethoxazole, a typical antibiotic contaminant, as the model hyperoxides activation reaction, the excellent activity within 284 min
−1
g
−1
(catalyst)
mmol
−1
(PMS)
oxidation rate and 91.6% selectivity to the Fe(IV)=O intermediate oxidation are demonstrated. More importantly, instead of promoting PMS adsorption, the axial N ligand modulates the electron structure of FeN
5
SANs for the lower reaction energy barrier and promotes electron transfer to PMS to produce Fe(IV)=O intermediate with high selectivity. The highlight of the axial N coordination in the nanozymes in this work provides deep insight to guide the design and development of nanozymes nearly to the bio‐enzyme with excellent activity and selectivity.