AbstractOwing to their exceptional properties, high‐entropy alloys (HEAs) have received considerable attention in the field of electrocatalysis. However, few studies focus on the origin of their outstanding performance. Here, carbon‐supported PtFeCoNiMn (with an atomic ratio of 21:20:20:20:19) HEA nanoparticles via shock‐heating and shock‐cooling strategy are rationally designed and successfully prepared. The above five metal elements are rationally selected from the perspective of thermodynamics and geometric effects. Subsequently, the alloying process of the PtFeCoNiMn HEA is investigated via operando X‐ray diffraction characterizations. The electronic structures of each metal atom on the PtFeCoNiMn HEA and monometallic nanoparticles surface are revealed by density function theory calculations for illustrating the performance enhancement mechanism. It is found that Pt atoms on the PtFeCoNiMn HEA surface exhibit a wider range of d‐band center distribution range than the corresponding monometallic nanoparticles, which contributes to the enhanced selective adsorption of O₂ reactants/intermediates. Importantly, some Fe, Co, Ni, and Mn atoms on the HEA surface manifest less positive d‐band center values than the corresponding monometallic nanoparticles, with similar d‐band center positions to some Pt atoms. This indicates that the inactive atoms in monometallic nanoparticles can be transformed into ORR active sites in the HEA matrix owing to the electronic interaction between adjacent atoms.