Noble metal Pt is the acknowledged efficient catalyst for oxygen reduction (ORR) and hydrogen evolution reaction (HER) in commercial applications. However, due to its high price and limited reserves, its large-scale application is limited. In order to overcome this defect, the loaded Pt nanoparticles (NPs) should be small and dispersed efficiently through the design of electrode materials, so as to improve the utilization efficiency of Pt. In addition, the introduction of non-noble metal active sites can reduce the consumption of Pt efficiently. In this work, hollow graphene spheres are used as the carrier and the heteroatoms (N, Fe and Co) are introduced. The results show that the introduction of Fe and Co can form very effective heteroatom active sites (carbon encapsulated Fe/Co metals and FeCo alloy, and/or metal nitrides Fe/Co-Nx-C) in the substrate material, which improve the catalytic activity of the electrode material effectively and the utilization efficiency of Pt. In addition, the generation of Fe/Co-Nx-C active sites and the loading of Pt are also closely related to the doped N atoms. The onset potential, limiting current density (JL), half-wave potential (E1/2) and Tafel slope of sample FeCo-NxHGSs/Pt (10 wt%) can exceed or comparable to those of commercial catalysts Pt/C (20 wt%) towards ORR both in acid and alkaline electrolyte. Moreover, the values of η100 and the Tafel slope for FeCo-NxHGSs/Pt towards HER can also exceed the commercial catalysts Pt/C (20 wt%) in acid and alkaline electrolytes. The purpose of reducing the usage amount of precious metals without reducing the catalytic performance is realized. The relationship between the ORR and HER performance of the resultant electrode catalyst and the doped heteroatoms, such as nitrogen (N), iron (Fe) and cobalt (Co) atoms, was studied and discussed in detail.