The utilization of rare earth elements to regulate the interaction between catalysts and oxygen‐containing species holds promising prospects in the field of oxygen electrocatalysis. Through structural engineering and adsorption regulation, it is possible to achieve high‐performance catalytic sites with a broken activity‐stability tradeoff. Herein, we fabricate a hierarchical CeO2/NiCo hydroxide for electrocatalytic oxygen evolution reaction (OER). This material exhibits superior overpotentials and enhanced stability. Multiple potential‐dependent experiments reveal that CeO2 promotes oxygen‐species exchange, especially OH− ions, between catalyst and environment, thereby optimizing the redox transformation of hydroxide and the adsorption of oxygen‐containing intermediates during OER. This is attributed to the reduction in the adsorption energy barrier of Ni to *OH facilitated by CeO2, particularly the near‐interfacial Ni sites. The less‐damaging adsorbate evolution mechanism and the CeO2 hierarchical shell significantly enhance the structural robustness, leading to exceptional stability. Additionally, the observed “self‐healing” phenomenon provides further substantiation for the accelerated oxygen exchange. This work provides a neat strategy for the synthesis of ceria‐based complex hollow electrocatalysts, as well as an in‐depth insight into the co‐catalytic role of CeO2 in terms of oxygen transfer.This article is protected by copyright. All rights reserved