This work focuses on the development of an electrocatalytic material by annealing a composite of a transition metal coordination material, iron hexacyanoferrate (Prussian blue) immobilized on carboxylic-acid-functionalized reduced graphene oxide. Pyrolysis at 500 °C under a nitrogen atmosphere formed nanoporous core–shell structures with efficient activity, which mostly included iron carbide species capable of participating in the oxygen reduction reaction in alkaline media. The physicochemical properties of the iron-based catalyst were elucidated using transmission electron microscopy, X-ray diffraction, Mössbauer spectroscopy, and various electrochemical techniques, such as cyclic voltammetry and rotating ring–disk electrode (RRDE) voltammetry. To improve the electroreduction of oxygen over the studied catalytic material, an external magnetic field was utilized, which positively shifted the potential by ca. 20 mV. The formation of undesirable intermediate peroxide species was decreased compared with the ORR measurements without an external magnetic field.