With the increasing demand for electrical energy storage, a new Mg−Li hybrid battery with Mg anode is regarded as a promising candidate because of low cost, high volumetric capacity, and dendrite‐free nature of the Mg anode. Nevertheless, the characteristics of low operation voltage and low energy density for Mg−Li hybrid batteries hinders their widespread application, owing to limited reversible cathodes. To overcome these issues, a highly reversible fast Li+ insertion cathode with high voltage is an effective strategy to realize high‐energy‐density Mg−Li hybrid batteries. Herein, we develop the 2 V high‐voltage spinel Li4Mn5O12 cathode material with unique nano‐/microspheres, using a novel low‐temperature method, offering a short Li‐diffusion path and sufficient transport channels for electrolyte penetration into the electrode. For the first time, we demonstrate the feasibility of the spinel Li4Mn5O12 nano‐/microspheres with hierarchical architecture as a cathode for 2 V hybrid Mg−Li batteries. It exhibits a reversible specific capacity of 155 mAh g−1 and a long discharge voltage platform exceeding 2.0 V (vs. Mg/Mg2+) coupled with high energy density of 326 Wh kg−1 at a current density of 0.1 C (1 C=163 mA g−1). Our results pave the way of constructing new hybrid Mg−Li batteries with high voltage and high energy density.