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Zn–air batteries are becoming the promising power source for small electronic devices and electric vehicles. They provide a relatively high specific energy density at relatively low cost. This review presents exciting advances and challenges related to the development of molecular catalysts for cathode reactions in Zn–air batteries. Bifunctional electrocatalysts for oxygen reduction reaction (ORR) and oxygen evolution reaction (OER) play the main role in improving performance of reversible fuel cell and metal–air batteries. The catalyst development strategies are reviewed, along with strategies to enhance catalyst performance by application of magnetic field.