The oxygen reduction reaction (ORR) and oxygen evolution reaction (OER), namely, so-called oxygen electrode reactions, are two fundamental half-cell reactions in the energy storage and conversion devices, e.g., zinc–air batteries and fuel cells. However, the oxygen electrode reactions suffer from sluggish kinetics, large overpotential and complicated reaction paths, and thus require efficient and stable electrocatalysts. Transition-metal-based layered double hydroxides (LDHs) and their derivatives have displayed excellent catalytic performance, suggesting a major contribution to accelerate electrochemical reactions. The rational regulation of electronic structure, defects, and coordination environment of active sites via various functionalized strategies, including tuning the chemical composition, structural architecture, and topotactic transformation process of LDHs precursors, has a great influence on the resulting electrocatalytic behavior. In addition, an in-depth understanding of the structural performance and chemical-composition-performance relationships of LDHs-based electrocatalysts can promote further rational design and optimization of high-performance electrocatalysts. Finally, prospects for the design of efficient and stable LDHs-based materials, for mass-production and large-scale application in practice, are discussed.