Developing transition-metal−nitrogen−carbon (TM−N−C) catalysts to replace platinum in the oxygen reduction reaction (ORR) is very important but remains a grand challenge. Here, we investigate the ORR behavior of FeN 4 embedded graphene. Our first-principles results show that the adsorption and dissociation of O 2 , which are elementary reactions of ORR, are largely dependent on the FeN 4 concentration, although the architecture and the magnetic moment of the material are unaltered, distinct from the previous comprehension that the magnetic moment of TM−N−C plays a dominant role in the ORR. It is revealed that FeN 4 −graphene can alter from semimetallicity to metallicity and to half-metallicity, depending on the concentration, and the half-metallic FeN 4 −graphene exhibits the highest catalytic performance in the ORR. Because O 2 exhibits a triplet ground state with unpaired electrons, it tends to interact with low energy states of catalysts. The half-metallic FeN 4 −graphene possesses highly active partially filled energy bands (PFEBs) and more easily donates electrons to the halfoccupied πp* orbital of O 2 than other systems, giving rise to the high catalytic activity. Our findings provide new insight into spin catalysis and should be useful in developing high-performance catalysts for ORR.