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The hydrogen peroxide (H₂O₂) generation via the electrochemical oxygen reduction reaction (ORR) under ambient conditions is emerging as an alternative and green strategy to the traditional energy‐intensive anthraquinone process and unsafe direct synthesis using H₂and O₂. It enables on‐site and decentralized H₂O₂production using air and renewable electricity for various applications. Currently, atomically dispersed single metal site catalysts have emerged as the most promising platinum group metal (PGM)‐free electrocatalysts for the ORR. Further tuning their central metal sites, coordination environments, and local structures can be highly active and selective for H₂O₂production via the 2e⁻ORR. Herein, recent methodologies and achievements on developing single metal site catalysts for selective O₂to H₂O₂reduction are summarized. Combined with theoretical computation and advanced characterization, a structure–property correlation to guide rational catalyst design with a favorable 2e⁻ORR process is aimed to provide. Due to the oxidative nature of H₂O₂and the derived free radicals, catalyst stability and effective solutions to improve catalyst tolerance to H₂O₂are emphasized. Transferring intrinsic catalyst properties to electrode performance for viable applications always remains a grand challenge. The key performance metrics and knowledge during the electrolyzer development are, therefore, highlighted.