The development of efficient water-oxidizing electrocatalysts is a key issue for achieving high performance in the overall water electrolysis technique. However, the complexity of multiple electron transfer processes and large activation energies have been regarded as major bottlenecks for efficient water electrolysis. Thus, complete electrochemical processes, including electron transport, charge accumulation, and chemical bond formation/dissociation, need to be analyzed for establishing a design rule for film-type electrocatalysts. In light of this, complex capacitance analysis is an effective tool for investigating the charge accumulation and dissipation processes of film-type electrocatalysts. Here, we conduct complex capacitance analysis for the Mn 3 O 4 nanocatalyst, which exhibits superb catalytic activity for water oxidation under neutral conditions. Charge was accumulated on the catalyst surface by the change in Mn valence between Mn(II) and Mn(IV) prior to the rate-determining O−O bond forming step. Furthermore, we newly propose the dissipation ratio (D) for understanding the energy balance between charge accumulation and charge consumption for chemical O−O bond formation. From this analysis, we reveal the potential-and thickness-dependent contribution of the charge accumulation process on the overall catalytic efficiency. We think that an understanding of complex capacitance analysis could be an effective methodology for investigating the charge accumulation process on the surface of general film-type electrocatalysts.