Efficient charge–carrier separation and their utilization are the key factors in overcoming sluggish four‐electron reaction kinetics involved in photocatalytic oxygen evolution. Here, a novel study demonstrates the significance of Na2S2O8 as a sacrificial agent in comparison to AgNO3. Resultantly, BiFeO3 (BFO) and titanium doped‐oxygen deficient BiFeO3 (Ti‐BFO‐R) nanostructures achieve ≈64 and 44.5 times higher O2 evolution in the presence of Na2S2O8 compared to AgNO3 as a sacrificial agent, respectively. Furthermore, the presence of Co single atoms (Co‐SAs) deposited via immersion method on BFO and Ti‐BFO‐R nanostructures led to achieving outstanding O2 evolution at a rate of 16.11 and 23.89 mmol g−1 h−1, respectively, which is 153 and 227.5 times higher compared to BFO (in the presence of AgNO3), the highest O2 evolution observed for BFO‐based materials to date. The successful deposition of Co‐SAs is confirmed by aberration‐corrected high‐angle annular dark‐field scanning transmission electron microscopy (AC HAADF‐STEM) and X‐ray absorption near‐edge structure (XANES). The charge transfer investigations confirm the significance of Co‐SAs on BFO‐based photocatalysts for improved charge–carrier separation, transport, and utilization. This novel study validates the excellent role of Na2S2O8 as a sacrificial agent and Co‐SAs as a cocatalyst for BFO‐based nanostructures for efficient O2 evolution.