Rational design of complex hollow nanostructures offers a great opportunity to construct various functional nanostructures. A novel in situ disassembly-polymerization-pyrolysis approach was developed to synthesize atomically dispersed Fe single atoms (Fe SAs) and tiny Co nanoparticles (Co NPs) binary sites embedded in double-shelled hollow carbon nanocages (Co NPs/Fe SAs DSCNs) without removing excess templates. The Co NPs/Fe SAs DSCNs displayed excellent bifunctional activity, boosting the realistic rechargeable zinc-air batteries with high efficiency, long-term durability, and reversibility, which is comparable to noble metal catalysts (Pt/C and RuO2). The enhanced catalytic activity should be attributed to as well as the strong interactions between Fe SAs and Co NPs with the nitrogen-doped carbon matrix, the exposure of more active sites, and the high-flux mass transportation. In addition, the confinement effect between the double C-N shells prevented the aggregation and corrosion of metal atoms, thus improving the durability of the Co NPs/Fe SAs DSCNs, further highlighting the structural advantages of carbon nanoreactor. This work provides guidance for further rational design and preparation of complex hollow structure materials with advanced bifunctional air cathodes.