Non-noble metal-based catalysts are gradually employed for the conversion of the unsaturated carbon−carbon bond, which exhibits improved selectivity but at the expense of catalytic activity. Herein, in this work, an Fe y MgO x -modified Cu interfacial structure with different Cu/Fe ratios was constructed by a structural topotactic transformation of layered double hydroxides, in which Cu-Fe 0.16 MgO x displayed an enhanced catalytic behavior (95% of selectivity at 100% of conversion and turnover frequency (TOF) of 0.048 s −1 ) in selective hydrogenation of acetylene. By virtue of X-ray absorption spectroscopy, reaction kinetic models, and the calculation based on density functional theory on analyzing the Cu-Fe y MgO x interfacial structure, we demonstrated the formation of the low coordinated Cu δ− -Fe 0.16 δ+ MgO x interfacial sites and further unraveled their dual functions. Specifically, the interfacial Cu δ− sites played a role in the activation of acetylene and hydrogen, while the formed intermediate bounded with the interfacial Cu atom and the interfacial Fe atom, respectively, which was favorable for the desorption to produce ethylene instead of over hydrogenation. This study offers a basic understanding on bifunctional interfacial catalysis for the conversion of the unsaturated carbon−carbon bond, which is of constructive significance for the rational design and preparation of supported non-noble metal materials with high efficiency.