In situ exsolution for nanoscale electrode design has attracted considerable attention because of its promising activity and high stability. However, fundamental research on the mechanisms underlying particle growth remains insufficient. Herein, cation‐diffusion‐determined exsolution is presented using an analytical model based on classical nucleation and diffusion. In the designed perovskite system, the exsolution trend for particle growth is consistent with this diffusion model, which strongly depends on the initial cation concentration and reduction conditions. Based on the experimental and theoretical results, a highly Ni‐doped anode and an electrochemical switching technique are employed to promote exsolution and overcome growth limitations. The optimal cell exhibits an outstanding maximum power density of 1.7 W cm−2 at 900 °C and shows no evident degradation when operating at 800 °C for 240 h under wet H2. This study provides crucial insights into the developing and tuning of heterogeneous catalysts for energy‐conversion applications.