The Co7(AlePy)2 polyoxometalate, which encloses a {(PW9)2CoII7} core covalently bound to two free aminopyridine groups through bisphosphonate ligands (AlePy), has been isolated. It can be used as a precursor, allowing the synthesis of heterometallic hybrid compounds, as illustrated by the characterization of cobalt/zinc (Co7(AlePyZn)2), cobalt/palladium (Co7(AlePyPd)2), and cobalt/platinum (Co7(AlePyPt)2) species. A composite based on the water‐insoluble precious metal‐free Co7(AlePyZn)2 compound and the low‐cost carbon material Vulcan XC‐72 has been selected as a cathode material (Co7Zn/C) for oxygen reduction reaction studies. The electrocatalytic performances of the Co7Zn/C hybrids were assessed at neutral and basic pH, showing that Co7Zn/C exhibits high selectivity for the four‐electron reduction of O2. Moreover, its durability is superior to that of a commercial Pt/C catalyst with 20 % loading. Also, comparative studies performed in the presence of methanol have indicated that Co7Zn/C has a much better tolerance to the crossover effect than Pt/C. Altogether, these results indicate for the first time that, even in neutral media, polyoxometalate/carbon composites can represent low‐cost oxygen reduction catalysts that can function stably, for a long time, and with high performance.