Li‐CO2 batteries are regarded as promising high‐energy‐density energy conversion and storage devices, but their practicability is severely hindered by the sluggish CO2 reduction/evolution reaction (CORR/COER) kinetics. Due to the various crystal structures and unique electronic configuration, Mn‐based cathode catalysts have shown considerable competition to facilitate CORR/COER. However, the specific active sites and regulation principle of Mn‐based catalysts remain ambiguous and limited. Herein, we design novel Mn dual‐active sites supported on N‐doped carbon nanofibers (MOC@NCNF) and conduct a comprehensive investigation into the underlying relationship between different Mn active sites and their electrochemical performance in Li‐CO2 batteries. Impressively, we find that owing to the in‐situ generation and stable existence of Mn(III), MOC undergoes obvious electrochemical reconstruction during battery cycling. Moreover, a series of characterizations and theoretical calculations demonstrate that the different electronic configurations and coordination environments of Mn(II) and Mn(III) are conducive to promoting CORR and COER, respectively. Benefiting from such a modulating behavior, the Li‐CO2 batteries deliver a high full discharge capacity of 10.31 mAh cm−2, and ultra‐long cycle life (327 cycles/1308 h). This fundamental understanding of MOC reconstruction and the electrocatalytic mechanisms provides a new perspective for designing high‐performance multivalent Mn‐integrated hybrid catalysts for Li‐CO2 batteries.This article is protected by copyright. All rights reserved