Abstract Alloying has significantly upgraded the oxygen reduction reaction (ORR) of Pd‐based catalysts through regulating the thermodynamics of oxygenated intermediates. However, the unsatisfactory activation ability of Pd‐based alloys toward O 2 molecules limits further improvement of ORR kinetics. Herein, the precise synthesis of nanosheet assemblies of spin‐polarized PdCu–Fe 3 O 4 in‐plane heterostructures for drastically activating O 2 molecules and boosting ORR kinetics is reported. It is demonstrated that the deliberate‐engineered in‐plane heterostructures not only tailor the d ‐band center of Pd sites with weakened adsorption of oxygenated intermediates but also endow electrophilic Fe sites with strong ability to activate O 2 molecules, which make PdCu–Fe 3 O 4 in‐plane heterostructures exhibit the highest ORR specific activity among the state‐of‐art Pd‐based catalysts so far. In situ electrochemical spectroscopy and theoretical investigations reveal a tandem catalytic mechanism on PdCu–Fe 3 O 4 ─Fe sites that initially activate molecular O 2 and generate oxygenated intermediates being transferred to Pd sites to finish the subsequent proton‐coupled electron transfer steps.