The development of highly efficient, stable, and low‐cost oxygen reduction reaction (ORR) electrocatalysts is urgently required. Herein, a three‐dimensional (3D) N‐doped carbon aerogel with trace Fe (ca. 0.60 wt%) was synthesized by using carbon aerogel as the main raw material with facile KOH activation and a solid‐state pyrolysis technique. The pyrolysis temperature and trace amount of Fe play crucial roles in the ORR activity. The optimal product (Fe−N‐CA‐800) displayed onset and half‐potentials of 0.918 and 0.798 V in alkaline solution and 0.801 and 0.592 V in acidic media, respectively. Besides, the methanol crossover effect and long‐term stability for Fe−N‐CA‐800 were better than those of Pt/C. Furthermore, the Fe‐Nx sites were proven to be the main ORR catalytic sites by using SCN−. The robust 3D structure with hierarchical pores, unique chemical composition, and uniform Fe‐Nx active sites contributed to the superior ORR performance. The low‐cost and efficient Fe−N‐CA‐800 catalyst presents potential in fuel cells and metal‐air batteries.