Developing an efficient bifunctional catalyst for oxygen reduction (ORR) and evolution reactions (OER) is a crucial step for the wide commercialization of alkaline water electrolyzers. However, a proper assessment and comparison of various catalysts is still challenging due to the different catalyst substrates and loadings. In this work, Co3O4 spinel nanoparticles (NPs) were investigated as a bifunctional catalyst at different substrates of glassy carbon or Ag bulk substrate or Ni particles and with different loadings. For Co3O4 (800 µg cm-2)/Ag electrode, not only the overpotential for ORR was 50 mV lower than the bare Ag electrode, but also the OER overpotential was 40 mV lower than the sole Co3O4. Besides, less than 1% peroxide intermediate was detected during ORR using the rotating ring disc electrode (RRDE) method, suggesting a 4-electron O2 reduction. Tafel slopes of 70 and 60 mV dec‑1 at Co3O4/Ag were obtained for ORR and OER, respectively. The improved bifunctional activity could be attributed to a synergistic effect between Co3O4 and the Ag support. For the loading effect, it is revealed that the number of accessible sites of Ag surface decreases with increasing the Co3O4 loading, as evaluated from lead-underpotential deposition measurements. Interestingly, after running ORR/OER cycles, the surface area increased by 4–6 times. This surface roughening was also confirmed by SEM and EDX. The study was extended to Co3O4+Ni mixed catalyst to validate the effect of the support on this induced synergism. Hence, this work provides a simple route for designing potential effective catalytic interfaces and contributes to unravelling the influence of the substrate and loading on the catalyst activity for water electrolyzers.