AbstractSingle‐atom catalysts (SACs) have attracted tremendous research interest due to their unique atomic structure, maximized atom utilization, and remarkable catalytic performance. Among the SACs, the carbon‐supported SACs have been widely investigated due to their easily controlled properties of the carbon substrates, such as the tunable morphologies, ordered porosity, and abundant anchoring sites. The electrochemical performance of carbon‐supported SACs is highly related to the morphological structure of carbon substrates (macro‐environment) and the local coordination environments of center metals (micro‐environment). This review aims to provide a comprehensive summary on the macro/micro‐environment regulating carbon‐supported SACs for highly efficient hydrogen/oxygen conversion reactions. The authors first summarize the macro‐environment engineering strategies of carbon‐supported SACs with altered specific surface areas and porous properties of the carbon substrates, facilitating the mass diffusion kinetics and structural stability. Then the micro‐environment engineering strategies of carbon‐supported SACs are discussed with the regulated atomic structure and electronic structure of metal centers, boosting the catalytic performance. Insights into the correlation between the co‐boosted effect from the macro/micro‐environments and catalytic activity for hydrogen/oxygen conversion reactions are summarized and discussed. Finally, the challenges and perspectives are addressed in building highly efficient carbon‐supported SACs for practical applications.