We have performed an in‐depth ab initio study of the magnetic structure within the most active perovskites for the oxygen evolution reaction. In all cases, the ground state exhibits an extended antiferromagnetic coupling in the unit cell. Layered antiparallel alignment of the magnetic moments appears to be related to their electrocatalytic activity. All the perovskites calculated within this paper show space‐separated charge‐transport channels depending on the spin orientation. Comparing the electronic structures with the reported activities, we find a direct correlation between the magnetic accumulation on the spin channels in the bulk material and the catalytic activity. We discuss the possible implications of such observations in terms of magnetic interactions. During oxygen evolution in water electrolysis, reactants and products do not preserve spin. For triplet state oxygen to evolve, the catalyst at the anode can speed up the reaction if it is able to balance the magnetism of the oxygen molecule by extracting electrons with an opposite magnetic moment, conserving the overall spin.