In the face of the increasing demand for sustainable energy, the development of economical and environmentally friendly energy conversion technologies has become an inevitable trend. Oxygen reduction reaction (ORR) is a fundamental process in novel energy storage and conversion systems such as fuel cells and metal−air batteries, determining the overall performance and durability of the system. At present, single-atom Fe−N−C electrocatalysts have become a strong contender for platinumbased catalysts in the ORR field due to their stability, excellent activity, and cost-effectiveness. Nevertheless, the source of the ORR reactivity of Fe−N−C catalysts is unknown, which hinders the development of Fe−N−C catalysts. In this investigation, we systematically explored the great potential of two-dimensional single-atom catalysts (SACs): the biphenylene-based iron−nitrogen system (Fe_Nx@BP, x = 1−3) for ORR studies by means of density functional theory calculations. Among all of the proposed configurations, Fe_N3@BP (three N atoms occupying a dyadic coordination site of a single Fe atom) has the best oxygen reduction activity and selectivity, with an overpotential of only 0.591 V. The coordination atom N effectively modulated the charge distribution of the iron-doped biphenylene. The electron transfer between the metal monatomic Fe in the single active sites and the oxygen-containing intermediates is promoted, which ultimately improves the monatomic ORR catalytic ability of the Fe_Nx@BP system. This study provides a theoretical guidance for the further development of highly efficient and environmentally friendly carbon-based SAC catalysts through nitrogen atom coordination design and promotes the development and practical application of two-dimensional biphenylene materials in SACs.