The oxygen reduction reaction (ORR) plays a pivotal role in electrochemical energy conversion and chemical production. Two‐electron (2e−) charge transfer for oxygen reduction is considered a promising method for the on‐site production of hydrogen peroxide (H2O2), which requires electrocatalysts with high H2O2 selectivity and ORR activity. Noble metal alloys (e.g., Pt‐Hg and Pd‐Hg) have been prevalent materials of choice due to their desirable intrinsic activity, but their scarcity and high cost seriously hinder their widespread application in practice. Self‐doped heteroatomic carbon‐based electrocatalysts, derived from abundant and inexpensive biomass, have emerged as attractive candidates for on‐site H2O2 production. This review summarizes the fundamentals and recent advances in H2O2 production via 2e− ORR, including basic catalytic mechanisms, the influence of electrolyte pH and porous structure of catalysts, selectivity assessment methods, determination of the cumulative H2O2 concentration, development of biomass‐derived carbon‐based catalyst, and electrochemical device designs. Current challenges and proposed opportunities are also presented with an emphasis on large‐scale electrochemical H2O2 synthesis.