Abstract Single‐atom catalysts (SACs) are promising electrocatalysts for the oxygen reduction reaction (ORR) and the oxygen evolution reaction (OER), in which the coordination environment plays a crucial role in activating the intrinsic activity of the central metal. Taking the FeN 4 SAC as a probe, this work investigates the effect of introducing S or P atoms into N coordination (FeS x N 4− x and FeP x N 4− x ( x =1–4)) on the electronic structure optimization of Fe center and its catalytic performance. Attributing to the optimal Fe 3d orbitals, FePN 3 can effectively activate O 2 and promote ORR with a low overpotential of 0.29 V, surpassing FeN 4 and most reported catalysts. FeSN 3 is beneficial to H 2 O activation and OER, proceeding with an overpotential of 0.68 V, which is superior to FeN 4 . Both FePN 3 and FeSN 3 exhibit outstanding thermodynamic and electrochemical stability with negative formation energies and positive dissolution potentials. Hence, the N,P and N,S co‐coordination might provide better catalytic environment than regular N coordination for SACs in ORR and OER. This work demonstrates FePN 3 /FeSN 3 as high‐performance ORR/OER catalysts and highlights N,P and N,S co‐coordination regulation as an effective approach to fine tune high atomically dispersed electrocatalysts.