Solid oxide electrochemical cells (SOECs) have demonstrated the potential to be highly efficient devices for electrochemical CO2 reduction (CO2R) at intermediate temperatures. However, the performance and widespread applications for CO2R largely hinge on the sluggish reaction kinetics and poor durability of the state‐of‐the‐art electrodes. Here, the findings in enhancing the reaction activity and durability of a perovskite‐based electrode are reported, Sr2Fe1.5Mo0.3Cu0.2O6‐δ (SF1.5MC), for electrochemical oxidation of H2 and reduction of CO2. Under typical operating conditions, the SF1.5MC electrode is elegantly reconstructed into three phases of oxygen vacancy‐rich double perovskite (DP), Ruddlesden‐popper (RP), and Cu‐Fe metals, as confirmed by X‐ray diffraction and scanning transmission electron microscopy. When applied as a fuel electrode for an electrolyte‐supported SOEC, decent performances are demonstrated at 800 °C, showing a maximum power density of 1.51 W cm−2 in fuel cell mode (on H2 fuel) and a current density of 1.94 A cm−2 at 1.4 V in electrochemical CO2R to CO with high Faradaic efficiencies of ≈100% and good durability.