The direct utilization of biomass waste to design catalysts with high stability and excellent electrochemical activity is still the key challenge in the development of fuel cells. Herein, the structural modification of precursors obtained by the carbonization of walnut shells is carried out and several highly N‐doped carbon catalysts with porous structures and excellent graphitization degrees are achieved. These catalysts have a high content of pyridinic‐N species and high specific surface area. Herein, it is shown that one of these catalysts, WS350Z900@Fe, has a higher stability than the Pt/C catalyst and excellent oxygen reduction reaction (ORR) performance with an onset potential of 0.98 V and a half‐wave potential of 0.86 V through a four‐electron reaction mechanism. Furthermore, density functional theory calculation indicates that the rate‐determining step of the ORR of these catalysts is the protonation of *O2. Also, the pyridinic‐N structure is conductive to reduce the reaction barrier. Herein, a significant means for designing inexpensive and high‐efficient ORR catalysts utilizing biowaste materials is offered.