Abstract: Hydrogen peroxide (H₂O₂) is a versatile chemical and a promising carbon-free energy carrier. The selective synthesis of H₂O₂ from water and oxygen is considered to be a secure and energy-efficient production method, yet the design of ideal electrocatalysts with the desired activity, selectivity and stability remains challenging. Recent progress in the development of highly selective and active carbon-based catalysts is summarized, including the design principles for active catalysts, tailoring active sites on the catalyst surface, and catalyst structure engineering. Fundamental principles of oxygen reduction reaction mechanisms are presented. Novel strategies, including heteroatom doping, surface/interface engineering, and supported single metal atoms, are highlighted. We believe that by appropriately changing the components and engineering the microenvironment of the active sites, the rational design of efficient catalysts with long-term stability can be achieved, bridging the gap between theoretical prediction and experimental observation. Finally, prospects for future research are provided.