Iron, nitrogen‐codoped carbon (Fe−N−C) nanocomposites have emerged as viable electrocatalysts for the oxygen reduction reaction (ORR) due to the formation of FeNxCy coordination moieties. In this study, results from first‐principles calculations show a nearly linear correlation of the energy barriers of key reaction steps with the Fe magnetic moment. Experimentally, when single Cu sites are incorporated into Fe−N−C aerogels (denoted as NCAG/Fe−Cu), the Fe centers exhibit a reduced magnetic moment and markedly enhanced ORR activity within a wide pH range of 0–14. With the NCAG/Fe−Cu nanocomposites used as the cathode catalyst in a neutral/quasi‐solid aluminum–air and alkaline/quasi‐solid zinc–air battery, both achieve a remarkable performance with an ultrahigh open‐circuit voltage of 2.00 and 1.51 V, large power density of 130 and 186 mW cm−2, and good mechanical flexibility, all markedly better than those with commercial Pt/C or Pt/C‐RuO2 catalysts at the cathode.