The development of high‐performance Li‐ion battery anodes is closely dependent on understanding the effect of chemical and physical properties of active materials played in the storage mechanism. In this study, mesoporous high surface area nitrogen‐doped graphene (N‐GN) and nitrogen‐doped graphene‐coated nano‐spherical FexOy containing composite (FexOy@Fe‐N‐GN) were synthesized by a bottom‐up solvothermal process using required starting materials. Acid leaching of FexOy@Fe‐N‐GN resulted in a highly microporous structure consisting of a hollow graphene nano‐hemisphere and a large basal plane monoblock structure with 63 % N‐doped graphene and 37 % graphitic N‐doped graphene (Fe‐N‐GN). While N‐GN and FexOy@Fe‐N‐GN exhibited 310 and 571 mAh g−1 reversible capacity, respectively, after 100 cycles, Fe‐N‐GN showed 940 mAh g−1 reversible capacity through >70 % diffusion‐controlled process with beneficially lower intercalation potential below ~0.25 V and 87 % capacity retention demonstrating the impact of the chemical composition and structural properties on the capacity of carbon‐based anodes.