Developing highly efficient and cost‐effective electrocatalysts for oxygen reduction reaction (ORR) in aqueous media is crucial for energy conversion systems such as fuel cells or Zn‐air batteries. Electrode materials from spent devices such as lithium‐ion batteries (LiBs) are a serious environmental problem. One of the solutions is their reuse for other electrochemical processes. This work demonstrates the application of solid residues of carbon‐based powders left over from the hydrometallurgical recycling process of LIBs’ waste as efficient catalysts for ORR. Microscopic and spectroscopic studies of the residue disclosed their porous structure and various cobalt contents, depending on the recycling procedure. These battery wastes display ORR catalytic activity when deposited at the liquid‐liquid and solid electrode‐electrolyte interfaces. Scanning Electrochemical Microscopy (SECM) tests showed that assembling battery waste at the liquid‐liquid interface boosts the efficiency of H2O2 production by one to two orders of magnitude. The catalytic activity towards 2‐electron ORR strongly depends on waste powder compositions and structures, e.g., porosity, heteroatom presence, level of defects, and graphitization.