To arrive to sustainable hydrogen‐based energy solutions, the understanding of water‐splitting catalysts plays the most crucial role. Herein, state‐of‐the‐art hypotheses are combined on electrocatalytic active metal sites toward the oxygen evolution reaction (OER) to develop a highly efficient catalyst based on Earth‐abundant cobalt and zinc oxides. The precursor catalyst Zn0.35Co0.65O is synthesized via a fast microwave‐assisted approach at low temperatures. Subsequently, it transforms in situ from the wurtzite structure to the layered γ‐Co(O)OH, while most of its zinc leaches out. This material shows outstanding catalytic performance and stability toward the OER in 1 m KOH (overpotential at 10 mA cm−2 ηinitial = 306 mV, η98 h = 318 mV). By comparing the electrochemical results and ex situ analyses to today's literature, clear structure‐activity correlations are able to be identified. The findings suggest that coordinately unsaturated cobalt octahedra on the surface are indeed the active centers for the OER.