Herein, we report an atomically dispersed Fe-N-C catalyst with axial oxygen ligands (FeN4O/NC) synthesized for the first time by ultrafast Joule heating. The formation of oxygen species between FeN4 and graphene offers high activity and stability for the ORR. The calculations indicate that FeN4O/NC offers an optimal adsorption-desorption of oxygen-containing intermediates, providing a promising approach to designing efficient single-atom electrocatalysts.