Perovskite oxides exhibit bifunctional activity for both oxygen reduction (ORR) and oxygen evolution reactions (OER), making them prime candidates for energy conversion in applications like fuel cells and metal‐air batteries. Their intrinsic catalytic prowess, combined with low‐cost, abundance, and diversity, positions them as compelling alternatives to noble metal and metal oxides catalysts. This review encapsulates the nuances of perovskite oxide structures and synthesis techniques, providing insight into pivotal active sites that underscore their bifunctional behavior. The focus centers on the breakthroughs surrounding lanthanum (La) and strontium (Sr)‐based perovskite oxides, specifically their roles in zinc‐air batteries (ZABs). An introduction to the mechanisms of ORR and OER is provided. Moreover, the light is shed on strategies and determinants central to optimizing the bifunctional performance of La and Sr‐based perovskite oxides.