Two large barriers are impeding the wide implementation of battery electric vehicles, namely driving-range and cost, primarily due to the low specific capacity/energy and high cost of mono-valence cathodes (e.g. LiNi0.8Co0.1Mn0.1O2) used in lithium-ion batteries. Iron is the ideal element of choice for cathode materials considering its abundance, low cost and toxicity. Two fundamental challenges, in particular, the poor reversibility of (de)lithiation and low electronic conductivity, prevent those iron based high specific capacity/energy multi-valence conversion cathodes from practical applications. In this work, we have developed a sustainable FeOF nanocomposite with extraordinary performance. In particular, we were able to reach the theoretical specific capacity of 621 mAh·g-1 and 1,124 Wh·kg-1 specific energy (2.1-valence change/2.1 Li+ stored per unit) and more than 100 cycles with 80% capacity retention at 0.1C (realizing the reversible (de)lithiation), which is 3 times of the specific capacity, and 2 times of the specific energy of current mono-valence intercalation LiCoO2 respectively (i.e., 145 mAh·g-1 and 551 Wh·kg-1). This is the result of an effective approach, combing the nanostructured FeOF with graphene sheets to solve these challenges, realized by (1) making the (de)lithiation reversible by immobilizing FeOF nanoparticles and the discharge products of Fe nanoparticle and LiF over the graphene surface, and sandwiching them between graphene sheets to prevent them from migration and dissolution into electrolytes and (2) providing the inter-particle electric conductivity. In situ high energy synchrotron X-ray absorption spectroscopy (XAS) reveals that this new FeOF composite has a different but reversible (de)lithiation mechanism. Importantly, it demonstrated that introducing small amount of graphene can create new materials with desired properties, opening a new avenue for altering the (de)lithiation process. Such extraordinary performance represents a significant breakthrough in developing the sustainable conversion materials for replacing the intercalation compounds, eventually overcoming the driving range and cost barriers.