Developing efficient and low‐cost catalysts with excellent catalytic activities for oxygen reduction reaction (ORR) and oxygen evolution reaction (OER) is of significance for large‐scale commercial applications in rechargeable Zn−air batteries and fuel cells. Herein, we develop a simple, mild and efficient method to synthesize a hybrid of N‐doped carbon nanosheets encapsulating cobalt nanoparticles (Co@NCNSs), which shows favorable catalytic properties toward both ORR and OER with high activity and good stability. The optimized hybrids (Co@NCNSs‐900) exhibit an onset potential of 0.95 V vs. reversible hydrogen electrode (RHE) and a half‐wave potential of 0.85 V vs. RHE for the ORR, and an onset potential of 1.51 V vs. RHE, a potential of 1.59 V vs. RHE at 10 mA cm−2 for the OER, as well as an oxygen electrode activity parameter (ΔE) of 0.802 V in alkaline electrolyte. Moreover, the Zn−air battery with the Co@NCNSs‐900 as the cathode catalyst outperforms that with the commercial Pt/C as cathode catalyst in terms of the maximum power density and stability, showing great prospects in renewable energy applications.