The sluggish kinetics of the electrochemical oxygen reduction reaction (ORR) in intermediate-temperature solid oxide fuel cells (IT-SOFCs) greatly limits the overall cell performance. In this study, an efficient and durable cathode material for IT-SOFCs is designed based on density functional theory (DFT) calculations by co-doping with Nb and Ta the B-site of the SrFeO3−δ perovskite oxide. The DFT calculations suggest that Nb/Ta co-doping can regulate the energy band of the parent SrFeO3−δ and help electron transfer. In symmetrical cells, such cathode with a SrFe0.8Nb0.1Ta0.1O3−δ (SFNT) detailed formula achieves a low cathode polarization resistance of 0.147 Ω cm2 at 650 °C. Electron spin resonance (ESR) and X-ray photoelectron spectroscopy (XPS) analysis confirm that the co-doping of Nb/Ta in SrFeO3−δ B-site increases the balanced concentration of oxygen vacancies, enhancing the electrochemical performance when compared to 20 mol% Nb single-doped perovskite oxide. The cathode button cell with Ni-SDC|SDC|SFNT configuration achieves an outstanding peak power density of 1.3 W cm−2 at 650 °C. Moreover, the button cell shows durability for 110 h under 0.65 V at 600 °C using wet H2 as fuel.