Due to the depletion of fossil fuels, the demand for renewable energy has increased, thus stimulating the development of novel materials for energy conversion devices such as fuel cells. In this work, nickel nanoparticles loaded on reduced graphene oxide (Ni/rGO) with small size and good dispersibility were successfully prepared by controlling the pyrolysis temperature of the precursor at 450 °C, assisted by a microwave-assisted hydrothermal method, and exhibited enhanced electrocatalytic activity towards oxygen reduction reaction (ORR). Additionally, the electron enrichment on Ni NPs was due to charge transfer from the rGO support to metal nickel, as evidenced by both experimental and theoretical studies. Metal–support interactions between nickel and the rGO support also facilitated charge transfer, contributing to the enhanced ORR performance of the composite material. DFT calculations revealed that the first step (from O2 to HOO*) was the rate-determining step with an RDS energy barrier lower than that of the Pt(111), indicating favorable ORR kinetics. The HOO* intermediates can be transferred onto rGO by the solid-phase spillover effect, which reduces the chemical adsorption on the nickel surface, thereby allowing continuous regeneration of active nickel sites. The HO2− intermediates generated on the surface of rGO by 2e− reduction can also efficiently diffuse towards the nearby Ni surface or the interface of Ni/rGO, where they can be further rapidly reduced to OH−. This mechanism acts as the pseudo-four-electron path on the RRDE. Furthermore, Ni/rGO-450 demonstrated superior stability, methanol tolerance, and durability compared to a 20 wt% Pt/C catalyst, making it a cost-effective alternative to conventional noble metal ORR catalysts for fuel cells or metal–air batteries.