Catalytic conversion of polysulfides is regarded as a crucial approach to enhancing kinetics and suppressing the shuttle effect in lithium–sulfur (Li–S) batteries. However, the activity prediction of Li–S catalysts remains elusive owing to the lack of mechanistic understanding of activity descriptors. Here, we report a volcano-shaped relationship between polysulfide adsorption ability and catalytic activity. In conjunction with theoretical analysis, we distinguish catalytic and anchoring effects to delineate the role of adsorption and emphasize the passivation of catalysts. These findings enable us to develop a composite catalyst, Co0.125Zn0.875S, which shows higher performance than simple binary compounds. Such a fundamental understanding of the intrinsic link between polysulfide adsorption and catalytic activity offers a rational viewpoint for designing Li–S catalysts and tuning their activities.