Proton exchange membrane fuel cells (PEMFCs) are one of the cornerstones of the “hydrogen economy” and are expected to play a pivotal role in today’s worldwide efforts to decarbonize the energy sector. The redox processes taking place at the electrodes of a PEMFC require suitable electrocatalysts (ECs) to minimize the associated overpotentials and achieve the exceptional energy conversion efficiency that characterizes these devices. The largest source of overpotential in direct hydrogen PEMFCs is the oxygen reduction reaction (ORR). State-of-the-art ECs for the ORR still require a significant loading of platinum-group metals, PGMs, to achieve a performance and durability level matching the requirements of practical applications. Hence, the development of advanced, highly active and durable ORR ECs with a minimized loading of PGMs is a major objective of the research.Several approaches have been proposed to obtain ORR ECs beyond the state of the art in terms of improved kinetics and longer durability [1]. However, the corresponding synthetic routes are complex, intrinsically difficult to upscale, and thus liable not to be of high relevance for industry in light of the forthcoming large-scale rollout of PEMFCs in both stationary and automotive applications.A promising avenue to prepare easily large amounts of ORR ECs exhibiting a performance and durability beyond the state of the art has been proposed in our laboratory more than 15 years ago [2]. The procedure is extremely flexible, allowing to tailor crucial EC features such as the chemical composition of the active sites and the morphology. The best ORR ECs exhibit a “core-shell” morphology: a hierarchical carbon-based “core” is covered by a carbon nitride “shell” stabilizing the active sites in C- and N-based “coordination nests”.A critical step in the preparation of ECs by means of the proposed route is the last “activation” yielding the final product. This process reconfigures significantly the most relevant features of the material including the bulk composition, the surface chemistry, the morphology and the structure. This “physicochemical metamorphosis” has a crucial effect on the ORR performance and durability, which are raised dramatically and finally exceed significantly the figures exhibited by state-of-the-art ECs [3].This work elucidates the interplay between the various approaches pursued to achieve the last “activation” (e.g., chemical attack and/or application of a time-dependent electrochemical potential) and the corresponding evolution of the physicochemical properties of the ECs. The general fundamental mechanisms underlying the “physicochemical metamorphosis” are discussed. Lastly, their outcome on the electrochemical properties of the final products are discussed to identify the most promising avenues for the design of ORR ECs able to surpass the performance and durability levels of today’s state of the art. Acknowledgements The research leading to the results reported in this work has received funding from: (a) the European Union’s Horizon 2020 research and innoavation programme under grant agreement 881603; (b) the project ‘Advanced Low-Platinum hierarchical Electrocatalysts for low-T fuel cells’ funded by EIT Raw Materials; and (c) the project ‘Hierarchical electrocatalysts with a low platinum loading for low-temperature fuel cells e HELPER’ funded by the University of Padova.