Abstract Driven by the pressing demand for stable energy systems, zinc−air batteries (ZABs) have emerged as crucial energy storage solutions. However, the quest for cost‐effective catalysts to enhance vital oxygen evolution and reduction reactions remains challenging. FeNiCo|MnGaO x heterostructure nanoparticles on carbon nanotubes (CNTs) are synthesized using liquid‐phase reduction and H 2 calcination approach. Compared to its component, such FeNiCo|MnGaO x /CNT shows a high synergistic effect, low impedance, and modulated electronic structure, leading to a superior bifunctional catalytic performance with an overpotential of 255 mV at 10 mA cm −2 and half‐wave potential of 0.824 V ( ω = 1600 rpm and 0.1 m KOH electrolyte). Moreover, ZABs based on FeNiCo|MnGaO x /CNT demonstrate notable features, including a peak power density of 136.1 mW cm −2 , a high specific capacity of 808.3 mAh g Zn −1 , and outstanding stability throughout >158 h of uninterrupted charge−discharge cycling. Theoretical calculations reveal that the non‐homogeneous interface can introduce more carriers and altered electronic structures to refine intermediate adsorption reactions, especially promoting O* formation, thereby enhancing electrocatalytic performance. This work demonstrates the importance of heterostructure interfacial modulation of electronic structure and enhancement of adsorption capacity in promoting the implementation of OER/ORR, ZABs, and related applications.