Combining noble metals with nonnoble metals is an attractive strategy to balance the activity and cost of electrocatalysts. However, a guiding principle for selecting suitable nonnoble metals is still lacking. Herein, a thorough mechanistic study on the platform oxygen evolution reaction (OER) electrocatalyst of Ir@Co3O4 to deeply understand the synergy between Ir and Co3O4 for the boosted OER has been carried out. It is demonstrated that the pseudocapacitive feature of Co3O4 plays a key role in accumulating sufficient positive charge Q, while the Ir sites are responsible for achieving a high reaction order (β), synergistically contributing to the high OER activity of Ir@Co3O4 through the rate law equation. Specifically, Ir@Co3O4 displays a low overpotential of 280 mV at 10 mA cm−2 with a small Ir loading of 1.4 wt%. Ir@Co3O4 is further applied to Zn‐air batteries, which enables a low charging potential and thus alleviates the oxidative corrosion of the air electrode, leading to improved cycle stability of 210 h at 20 mA cm−2. This work demonstrates that anchoring active noble metal sites (for high β) on pseudocapacitive supports (for high Q) is highly favorable to the OER process, providing a clear guidance for boosting the utilization of noble metals in electrocatalysis. Ultra‐low loading Ir (1.4 wt%) is anchored on Co3O4 for oxygen evolution reaction (OER). The pseudocapacitive Co3O4 helps accumulate the positive charge Q, while the Ir sites help achieve a high reaction order (β). Anchoring the ultra‐low loading noble catalyst on the pseudocapacitive non‐noble catalyst is a promising strategy for high‐performance low‐cost catalyst development.