The photocatalytic two-electron O 2 reduction reaction (2e − ORR) for high-value hydrogen peroxide (H 2 O 2 ) production is attracting widespread attention as a green and promising research pathway. Despite multiple optimization strategies, the current 2e − ORR systems remain constrained by photogenerated carrier recombination and slow O 2 reduction kinetics. Therefore, a refined photocatalyst design is urgently needed to overcome these constraints, enabling enhanced H 2 O 2 activity and deeper exploration of reaction mechanisms. Here, we design surface defect sites (N vacancies) and oxygen-affine CoO x nanoclusters on polymeric carbon nitride (CN) to break through the above limitations for enhanced photocatalytic H 2 O 2 production. The introduction of N vacancies significantly enhances the photogenerated carrier separation, and highly active CoO x nanoclusters optimize the surface reaction process from O 2 to H 2 O 2 , synergistically improving the activity and selectivity of H 2 O 2 production. The designed photocatalyst (CoO x -NvCN) achieves a H 2 O 2 production rate of 244.8 μmol L −1 h −1 in pure water, with an apparent quantum yield (AQY) of 5.73% at 420 nm and a solar-to-chemical energy conversion (SCC) efficiency of 0.47%, surpassing previously reported CN-based photocatalysts. Importantly, experiments and theoretical calculations reveal that N vacancies optimize the photoelectronic response characteristics of the CN substrate, while the CoO x nanoclusters promote O 2 adsorption and activation, reducing the formation energy barrier for crucial intermediate *OOH, thereby accelerating H 2 O 2 generation. This work provides a feasible approach to the photocatalyst design strategy that simultaneously facilitates photogenerated carrier separation and effective active sites for high-performance H 2 O 2 production.