AbstractThe rational design and exploration of efficient, low‐cost and durable bifunctional electrocatalysts for oxygen reduction reaction (ORR) and oxygen evolution reaction (OER) are key to the development of rechargeable metal−air batteries. Here, we report a novel approach to in‐situ synthesize Fe0.64Ni0.36 nanoalloy encapsulated in nitrogen‐doped porous carbon nanotubes (FeNi@N−CNTs) as bifunctional electrocatalyst derived from Ni‐modified Prussian blue, on which the ORR/OER can be promoted by the N−CNTs surface due to the electron modulation caused by electron transfer from the inner FeNi nanoalloy to the N−CNTs surface. The abundant wide‐size range of mesopores in N−CNTs can offer rapid mass transport channels to facilitate the catalytic reactions. In addition, the encapsulation structure endows the outer N−CNTs acting as a “shield” to prevent the inner FeNi nanoalloy from corrosion in strong basic medium. Thanks to the synergistic effect between the N−CNTs and FeNi nanoalloy, the obtained FeNi@N−CNTs exhibits excellent bifunctional oxygen catalytic activity together with outstanding performance and cycling durability in rechargeable Zn−air battery. This work will open new avenues for the development of advanced bifunctional electrocatalysts for other metal−air batteries.