The rational design of efficient, stable, low‐cost non‐precious metal‐based electrocatalysts with enhanced oxygen reduction reaction (ORR) activity has attracted widespread attention. In this study, a novel electrocatalyst, Fe/Co‐N‐MWCNT, was prepared by in‐situ growth of ZIF‐8 and Fe/Co‐Phen on multi‐walled carbon nanotubes (MWCNTs), then pyrolysis under different temperature to obtain optimal one. During the pyrolysis process, the incorporation of Fe and Co facilitated the formation of metal active sites and Fe‐Co alloy, thereby promoting electron transfer and enhancing the ORR activity. Compared to Pt/C (E1/2 = 0.854V, JL = 4.90 mA cm‐2), Fe/Co‐N‐MWCNT demonstrated a comparable half‐wave potential (E1/2 = 0.812V) and an enhanced limiting current density (JL = 5.37 mA cm‐2). Furthermore, Fe/Co‐N‐MWCNT was stable and showed no significant change after 2000 cycles, with only a negative shift of 7 mV in E1/2. Ampere response testing revealed that the current decay of Fe/Co‐N‐MWCNT after 10000 s was only about 7.8%, while that of Pt/C was about 18.4%. Due to its excellent catalytic stability, Fe/Co‐N‐MWCNT was demonstrated to be an excellent candidate for rechargeable zinc‐air batteries. The outstanding electrocatalytic performance of Fe/Co‐N‐MWCNT can be attributed to its high pyridinic nitrogen content, the unique structure and abundant metal active sites.