Polyoxometalates (POMs) with transition metals (Co, Cu, Fe, Mn, Ni) of Keggin structure and lamellar-stacked multi-layer morphology were synthesized. They were subsequently explored as bifunctional electrocatalysts for oxygen electrodes, i.e., oxygen reduction (ORR) and evolution (OER) reaction, for aqueous rechargeable metal-air batteries in alkaline media. The lowest Tafel slope (85 mV dec−1) value and the highest OER current density of 93.8 mA cm−2 were obtained for the Fe-POM electrocatalyst. Similar OER electrochemical catalytic activity was noticed for the Co-POM electrocatalyst. This behavior was confirmed by electrochemical impedance spectroscopy, where Fe-POM gave the lowest charge transfer resistance of 3.35 Ω, followed by Co-POM with Rct of 15.04 Ω, during the OER. Additionally, Tafel slope values of 85 and 109 mV dec−1 were calculated for Fe-POM and Co-POM, respectively, during the ORR. The ORR at Fe-POM proceeded by mixed two- and four-electron pathways, while ORR at Co-POM proceeded exclusively by the four-electron pathway. Finally, capacitance studies were conducted on the synthesized POMs.