Rechargeable lithium-oxygen (Li–O2) batteries have been considered as the most promising candidates for energy storage and conversion devices because of their ultra high energy density. Until now, the critical scientific challenges facing Li–O2 batteries are the absence of advanced electrode architectures and highly efficient electrocatalysts for both oxygen reduction reaction (ORR) and oxygen evolution reaction (OER), which seriously hinder the commercialization of this technology. In the last few years, a number of strategies have been devoted to exploring new catalysts with novel structures to enhance the battery performance. Among various of oxygen electrode catalysts, carbon-based materials have triggered tremendous attention as suitable cathode catalysts for Li–O2 batteries due to the reasonable structures and the balance of catalytic activity, durability and cost. In this review, we summarize the recent advances and basic understandings related to the carbon-based oxygen electrode catalytic materials, including nanostructured carbon materials (one-dimensional (1D) carbon nanotubes and carbon nanofibers, 2D graphene nanosheets, 3D hierarchical architectures and their doped structures), and metal/metal oxide-nanocarbon hybrid materials (nanocarbon supporting metal/metal oxide and nanocarbon encapsulating metal/metal oxide). Finally, several key points and research directions of the future design for highly efficient catalysts for practical Li–O2 batteries are proposed based on the fundamental understandings and achievements of this battery field.