Owing to the sluggish kinetics of the oxygen reduction reaction (ORR) at the cathode in proton exchange membrane fuel cells (PEMFCs) and metal–air batteries, high-performance catalysts are usually required to reduce the reaction overpotential in these devices for practical applications. Among the various electrocatalysts, the most effective are platinum group metal (PGM) catalysts; however, they suffer from the drawbacks of high cost, scarcity, and poor cycling stability. Accordingly, platinum group metal-free (PGM-free) catalysts, especially transition metal and nitrogen co-doped carbon (TM-N–C) catalysts, including single-atom catalysts and single-atom and cluster/nanoparticle catalysts, have recently received increasing attention due to their low-cost, high atom-utilization and remarkable ORR performance. However, TM-N–C catalysts with different local coordination environments typically exhibit completely different ORR catalytic activity and selectivity in both alkaline and acidic media. Therefore, the research progress on TM-N–C catalysts with a regulated coordination environment for enhanced ORR performance are systematically summarized in this review. Specially, the strategies for regulating the coordination environment of TM-N–C catalysts are emphasized, including coordination number regulation, types of N regulation, heteroatom coordination or doping in M–Nx, and synergies of clusters or nanoparticles in M–Nx. Finally, the key challenges and prospects regarding the future development of catalysts with a regulated coordination environment for ORR in this emerging field are discussed.