Rechargeable zinc–air batteries are widely recognized as a highly promising technology for energy conversion and storage, offering a cost‐effective and viable alternative to commercial lithium‐ion batteries due to their unique advantages. However, the practical application and commercialization of zinc–air batteries are hindered by the sluggish kinetics of the oxygen reduction reaction (ORR) and oxygen evolution reaction (OER). Recently, extensive research has focused on the potential of first‐row transition metals (Mn, Fe, Co, Ni, and Cu) as promising alternatives to noble metals in bifunctional ORR/OER electrocatalysts, leveraging their high‐efficiency electrocatalytic activity and excellent durability. This review provides a comprehensive summary of the recent advancements in the mechanisms of ORR/OER, the performance of bifunctional electrocatalysts, and the preparation strategies employed for electrocatalysts based on first‐row transition metals in alkaline media for zinc–air batteries. The paper concludes by proposing several challenges and highlighting emerging research trends for the future development of bifunctional electrocatalysts based on first‐row transition metals.