AbstractThe development of low‐cost and high‐efficient electrocatalysts with multifunctionality by nanocomposite formation is an emerging route for addressing sustainable energy issues. This study reports the nanocomposite of α‐Fe2O3 nanoparticles embedded in g‐C3N4nanosheets synthesized by a facile chemical route. The synthesized nanocomposite was examined for structural, chemical, and morphological details. The optical study of the sample exhibits the potential capability of photon capture and electron‐hole separation towards photo‐excited applications. Magnetic study of the α‐Fe2O3/g‐C3N4 nanocomposite reveals that composite formation does not possess characteristic blocking temperature as present in bare α‐Fe2O3 nanoparticles at 62 K accompanying enhancement of remanent magnetization and coercivity at 5 K.The prepared nanocomposite was tested for oxygen reduction reaction (ORR) in an alkaline medium and it exhibited appreciable catalytic performance with considerable methanol tolerance and excellent durability. It also reveals that the composite catalyzes ORR by two steps: first by two‐electron transfer and then immediately by 4‐electron direct pathway resulting in complete reduction of oxygen to water.