Developing cost-effective and high-performing bifunctional electrocatalysts is pivotal for advancing rechargeable zinc-air batteries (ZABs). In this study, a Pd-Co₃O₄ loaded on acetylene black (Pd-Co₃O₄/C) electrocatalyst was developed with excellent properties for both oxygen reduction reaction (ORR) and oxygen evolution reaction (OER) using reduced H₂PdCl₄ to modify Co₃O₄/C. The experimental findings indicate that the Pd-Co₃O₄/C electrocatalyst exhibits a favorable half-wave potential for ORR at 0.91 V, a feasible potential for OER at 1.48 V (measured at 10 mA/cm2), also minor Tafel slopes for both ORR (44.65 mV/dec) and OER (58.41 mV/dec). Additionally, it evidences a power density of 186 mW/cm2 in ZABs and good durability during galvanostatic charge-discharge cycling. The impressive performance of Pd-Co₃O₄/C can be ascribed primarily to the beneficial synergistic effect resulting from the composition of Co₃O₄ and Pd embedded within graphite carbon. This research lays the groundwork for the expansion of additional cost-effective and highly effective electrocatalysts in the coming years.