Rechargeable zinc‐air batteries (RZABs) are considered as one of the most promising clean energy device due to their abundant resources, low cost and environmental friendliness. However, their energy efficiency and cycle life are far from satisfactory due to the poor activity and stability of bi‐functional electrocatalyst in air cathode. In this work, an efficient bi‐functional catalyst (rGO‐CoFe2O4/Co) was derived from its precursor (rGO‐CoFe2O4) through a simple annealing process. Electrochemical measurements prove that rGO‐CoFe2O4/Co with the in‐situ formed Co nano particles and rich oxygen vacancies appears excellent oxygen reduction reaction and oxygen evolution reaction catalytic activity compared to its counterpart. Its half‐wave potential is 0.81 V (vs RHE) and the OER overpotential is only 310 mV (vs RHE). In addition, rechargeable zinc‐air batteries assembled with rGO‐CoFe2O4/Co show the highest peak power density (128.9 mW cm‐2) and cycling stability compared to rGO‐CoFe2O4 and commercial Pt/C‐RuO2 catalysts. This work provides a simple strategy for the design of advanced bifunctional catalysts.