Hydrogen peroxide (H2O2) is a high‐value chemical widely used in electronics, textiles, paper bleaching, medical disinfection, and wastewater treatment. Traditional production methods, such as the anthraquinone oxidation process and direct synthesis, require high energy consumption, and involve risks from toxic substances and explosions. Researchers are now exploring photochemical, electrochemical, and photoelectrochemical synthesis methods to reduce energy use and pollution. This review focuses on the 2‐electron oxygen reduction reaction (2e− ORR) for the electrochemical synthesis of H2O2, and discusses how catalyst active sites influence O2 adsorption. Strategies to enhance H2O2 selectivity by regulating these sites are presented. Catalysts require strong O2 adsorption to initiate reactions and weak *OOH adsorption to promote H2O2 formation. The review also covers advances in single‐atom catalysts (SACs), multi‐metal‐based catalysts, and highlights non‐noble metal oxides, especially perovskite oxides, for their versatile structures and potential in 2e− ORR. The potential of localized surface plasmon resonance (LSPR) effects to enhance catalyst performance is also discussed. In conclusion, emphasis is placed on optimizing catalyst structures through theoretical and experimental methods to achieve efficient and selective H2O2 production, aiming for sustainable and commercial applications.