One of the recent trends in electrocatalytic reactions involves the oxygen reduction reaction (ORR), where a new paradigm has been shaped to exploit this reaction for the synthesis of hydrogen peroxide (H2O2). H2O2 is a very versatile chemical of high commercial value, prepared currently through poorly sustainable processes. The emergence of metal‐free carbon catalysts for the selective synthesis of H2O2 is expected to revolutionize ORR research, beckoning at the development of new industrial schemes. The complexities of the mechanism and the factors dominating the selectivity of the process have been unveiled through a combination of theoretical and experimental studies.