Increasing energy demands exacerbated by energy shortages have highlighted the urgency of research on renewable energy technologies. Carbon materials that can be employed as advanced electrodes and catalysts can increase the accessibility of efficient and economical energy conversion and storage solutions based on electrocatalysis. In particular, carbon materials derived from biomass are promising candidates to replace precious-metal-based catalysts, owing to their low cost, anti-corrosion properties, electrochemical durability, and sustainability. For catalytic applications, the rational design and engineering of functional carbon materials in terms of their structure, morphology, and heteroatom doping are crucial. Phytic acid derived from natural, abundant, and renewable resources represents a versatile carbon precursor and modifier that can be introduced to tune the aforementioned properties. This review discusses synthetic strategies for preparing functional carbon materials using phytic acid and explores the influence of this precursor on the resulting materials’ physicochemical characteristics. We also summarize recent strategies that have been applied to improve the oxygen reduction performance of porous carbon materials using phytic acid, thereby offering guidance for the future design of functional, sustainable carbon materials with enhanced catalytic properties.