To replace the existing noble-metal-based catalysts, developing highly efficient, stable electrocatalysts for oxygen reduction reactions for the increased current generation with lower overpotential is a demanding undertaking. In the present work, CuO–NiO/rGO nanocomposites were prepared using simple, cost-effective Co-precipitation methods. They act as highly effective electrocatalysts for oxygen reduction reactions in an alkaline medium. The structural characterizations demonstrate that prepared nanoparticles (≈13 nm) are tightly and effectively organized on reduced graphene oxide sheets. The electrochemical properties of the CuO, NiO nanoparticles and CuO–NiO, CuO–NiO/rGO nanocomposites were investigated. The results of the CuO–NiO/rGO nanocomposites revealed the high current density (2.9 × 10−4 mA cm−2), lower Tafel slope (72 mV dec−1) and low hydrogen peroxide yield (15%) when compared to other prepared materials (CuO, NiO, and CuO–NiO). The reduced graphene oxide increases an electron transfer during the ORR process, while the CuO–NiO has variable oxidation states that promote electro-rich features. With the combination of CuO–NiO and rGO, the hybrid electrocatalysts specific surface area and charge transfer rate drastically increase. The investigations of the rotating ring-disk electrodes experiments indicate that the oxygen reduction process takes place on CuO–NiO/rGO through an efficient four-electron pathway. Our results propose a new approach to creating highly efficient and long-lasting electrocatalysts.