Although the development of non‐platinum electrocatalysts for oxygen reduction reaction (ORR) has made some satisfactory progress, it is still a challenge to get a non‐platinum catalyst with higher activity and better stability. In this study, a novel non‐platinum catalyst composed of silver (Ag) nanoparticles and zirconia (ZrO2) coated on the multi‐walled carbon nanotubes (MWCNTs) catalyst (denoted as Ag/ZrO2/MWCNTs) is obtained by simple hydrothermal and photochemical methods. This catalyst shows more positive onset potential of 0.97 V (vs RHE), higher limiting current density of 6.4 mA cm−2 and lower H2O2 yield of 3.9 % than that of commercial platinum‐carbon (Pt/C) catalyst (0.93 V, 6.0 mA cm−2 and 4.8 % obtained from our test results). Electrochemical tests also show that ORR follows a four‐electron pathway. Moreover, the long‐term stability and methanol tolerance are also better compared with Pt/C. The results of theoretical calculations and the characterizations reveal that the enhanced ORR performance is attributed to the robust skeleton of MWCNTs benefitting for the uniform growth of ZrO2 and the improved conductivity of the catalyst, and the enhanced ability of Ag for O2 adsorption and OH desorption by the introduction of ZrO2. This work may serve as a reference to design and prepare the composite electrocatalysts with the high ORR performance.