The selective two-electron reduction of O2 by one-electron reductants such as decamethylferrocene (Fc*) and octamethylferrocene (Me8Fc) is efficiently catalyzed by a binuclear Cu(II) complex ([CuII2(LO)(OH)]2+ (D1) {LO is a binucleating ligand with copper-bridging phenolate moiety} in the presence of trifluoroacetic acid (HOTF) in acetone. The protonation of the hydroxide group of [CuII2(LO)(OH)]2+ with HOTF to produce [CuII2(LO)(OTF)]2+ (D1-OTF) makes it possible for this to be reduced by two equiv of Fc* via a two-step electron transfer sequence. Reactions of the fully reduced complex [CuI2(LO)]+ (D3) with O2 in the presence of HOTF led to the low-temperature detection of the absorption spectra due to the peroxo complex ([CuII2(LO)(OO)]) (D) and the protonated hydroperoxo complex ([CuII2(LO)(OOH)]2+ (D4). No further Fc* reduction of D4 occurs, and it is instead further protonated by HOTF to yield H2O2 accompanied by regeneration of [CuII2(LO)(OTF)]2+ (D1-OTF) thus completing the catalytic cycle for the two-electron reduction of O2 by Fc*. Kinetic studies on the formation of Fc*+ under catalytic conditions as well as for separate examination of the electron transfer from Fc* to D1-OTF reveal there are two important reaction pathways operating. One is a rate-determining second reduction of D1-OTF, thus electron transfer from Fc* to a mixed-valent intermediate [CuIICuI(LO)]2+ (D2) which leads to [CuI2(LO)]+ which is coupled with O2 binding to produce [CuII2(LO)(OO)]+ (D). The other involves direct reaction of O2 with the mixed-valent compound D2 followed by rapid Fc* reduction of a putative superoxo-dicopper(II) species thus formed, producing D.