Li-O2 batteries as rechargeable energy storage devices have aroused considerable interests due to the pleasant energy density. However, the development and application of Li-O2 batteries are still restricted by several challenges, including high overpotential, poor cycling life, and low round-trip efficiency, due to the sluggish electrochemical kinetic integrating oxygen reduction and oxygen evolution reaction (ORR, OER) in the cathode. Therefore, rationally developing innovatively bifunctional electrocatalysts is critical to alleviating these problems. Focusing on this, we first present a brief introduction of reaction mechanism and catalysts design requirement to comprehensively understand the correlation between electrochemical performance and electrocatalysts. Then recent progress in advanced modulation strategies for Li-O2 batteries with vacancies engineering, doping modification, single-atom catalysis, illumination-assisted regulation, and hybrid composites synergy are systematically summarized. The electronic structure modulation, component coordination, and defect induction strategies are also introduced to enhance the electrocatalytic activity. Finally, the remaining puzzles and perspectives are highlighted. This review is instructive to provide worthy guidance for rationally designing advanced electrocatalysts in Li-O2 batteries.