Two kinds of phosphorus-modified onion-like carbons dominated by COP bonds and CP bonds were fabricated and further used as catalysts in the oxygen reduction reaction (ORR). The results show that the bonding state of phosphorus has a significant effect on the ORR catalytic activity. The formation of COP bonds improves ORR activity, whereas CP bonds play an adverse role in stabilizing the key intermediates during the ORR owing to the distorted graphitic structure, as confirmed by the work function value.