The quest for alternatives to Pt as an oxygen reduction electrocatalyst, possessing high activity, stability, and abundant reserves, holds great significance for H2/O2 fuel cells. Recently, metal‐nitrogen‐carbon (M‐N‐C) electrocatalysts have garnered substantial attention as promising substitutes. These electrocatalysts not only exhibit well‐defined structures but also offer the flexibility to adjust the central metal atoms and coordination atoms. It is beneficial in elucidating the active sites during the catalytic process and in the design of highly active electrocatalysts. In this review, the real active site of M‐N‐C electrocatalyst‐driven ORR is investigated in depth by in situ characterization techniques such as X‐ray absorption spectroscopy, Raman spectroscopy, Fourier‐transform infrared spectroscopy. It′s worth noting that the catalytic activity of M‐N‐C electrocatalysts originates from the dynamic evolution of electrocatalyst structure. Subsequently, we review various synthetic strategies, including the wet chemistry method, spatial confinement, and template‐assisted method, aimed at the rational design of M‐N‐C electrocatalysts. Moreover, recent progresses of M‐N‐C electrocatalysts with varying configurations, encompassing single‐atom, and double‐atom electrocatalysts are discussed, Finally, summary and perspectives on the development of M‐N‐C are provided.