AbstractA bottleneck for the large-scale application of today’s batteries is low lithium storage capacity, largely due to the use of intercalation-type electrodes that allow one or less electron transfer per redox center. An appealing alternative is multi-electron transfer electrodes, offering excess capacity, which, however, involves conversion reaction; according to conventional wisdom, the host would collapse during the process, causing cycling instability. Here, we report real-time observation of topotactic reaction throughout the multi-electron transfer process in magnetite, unveiled by in situ single-crystal crystallography with corroboration of first principles calculations. Contradicting the traditional belief of causing structural breakdown, conversion in magnetite resembles an intercalation process—proceeding via topotactic reaction with the cubic close packed oxygen-anion framework retained. The findings from this study, with unique insights into enabling multi-electron transfer via topotactic reaction, and its implications to the cyclability and rate capability, shed light on designing viable multi-electron transfer electrodes for high energy batteries.