Monitoring the dynamic behavior of active species and modulating their electronic architecture are crucial for the development of efficient catalysts. Here, a 3D ordered multi‐level porous Ni2P/CeO2 heterojunction catalyst with a “self‐optimization effect” is strategically synthesized for efficient oxygen evolution reaction (OER). This catalyst exhibits a low overpotential of 235 mV at 20 mA cm−2 in 1.0 m KOH. During the OER process, the heterojunction catalyst specifically undergoes a unique phase transition involving the leaching of the P element, which triggers the formation of the PO43−‐NiOOH/CeO2 catalyst with PO43− adsorbed on the surface of the reconstructed product NiOOH/CeO2. Density functional theory calculations reveal that the CeO2 and adsorbed‐PO43− in the self‐optimized structure are essential and minor factors for enhancing catalytic activity, respectively. They collaborate to promote the redistribution of electron density in surface Ni and O, increasing the d/p‐band center difference. This phenomenon results in optimized adsorption/desorption of the key intermediates such as *OOH and improved catalytic performance. Overall, this research highlights the potential of d/p‐band modulation for the rational design of cost‐effective and high‐efficiency electrocatalysts.