Thermochemical energy storage (TCES) materials have emerged as a promising alternative to meet the high‐temperature energy storage requirements of concentrated solar power plants. However, most of the energy storage materials are facing challenges in redox kinetics and cyclic stability. Iron‐doped manganese oxide attracts raising attention due to its non‐toxicity, low cost, and high energy capacity over 800 °C. However, there are few investigations on the reversibility enhancement of the redox reaction from the microstructural‐evolution‐mechanism point of view. Herein, bixbyite‐type (Mn0.8Fe0.2)2O3 is synthesized and extruded into honeycomb units, which can maintain an 85% initial capacity after 100 redox cycles. It is also found that a self‐assembled core‐shell MnFe2O4@Mn2.7Fe0.3O4 structure forms during the reduction step, and then transforms into a homogeneous solid solution of (Mn0.8Fe0.2)2O3 in the following oxidation step. During the reduction step, shells are formed spontaneously from the Mn2.7Fe0.3O4 with the MnFe2O4 as cores due to the lower surface energy, which facilitates the oxygen adsorption and dissociation during subsequent oxidation step. Through the density functional theory calculation, it is revealed that the lower formation energy of oxygen vacancies in the shell contributes to the improvement of oxygen diffusion rate. This study can provide a guideline to design prospective materials for high‐temperature TCES.