Abstract The introduction of noble metal into spinel structure is an effective strategy to develop efficient oxygen evolution/reduction reaction (OER/ORR) catalysts. Herein, surface Co oct is substituted by Ru oct in Ru x ‐Mn 0.5 Co 2.5‐x O 4 /NCNTs by ion‐exchange, where presence of Ru oct ─O─Co oct unit facilitates electron transfer. This strong electron coupling effect leads downward shift in d‐band center and a narrowing of d‐p bandgap. The increased charge density of Co oct bridged with Ru oct dioxygen optimizes adsorption of oxygen intermediates ( * OH) and occupation of electrons in e g ‐orbital octahedral. The measured ORR/OER voltage difference is only 0.71 V. The peak power density of assembled zinc–air battery reaches 148.8 mW h cm −2 , and energy density at 100 mA cm −2 reaches 813.6 mA h g Zn −1 , approaching a theoretical value of 820 mA h g Zn −1 . The catalyst demonstrates stable operation for over 500 h at 10 mA cm −2 and over 200 h at 50 mA cm −2 . This work provides new insights to guide fabrication of advanced oxygen electrocatalysts.