In this work, a Co–N doped carbon nanotube (CNT) catalyst was fabricated via a simple pyrolysis approach and the effects of solvothermal processing on the catalytic activity of the as-prepared material were investigated in detail. The results show that after solvothermal processing (Co-NC) the catalyst has a more homogeneous anemone structure, a higher nitrogen content, a larger BET surface area and a higher degree of graphitization compared to the catalyst produced after non-solvothermal processing (Co-MA). The results of electrochemical tests indicate that Co-NC, compared to commercial 20% Pt/C and Co-MA, has an improved mass transfer process and sufficient active site exposure, which brings about superb oxygen reduction electrocatalytic activity, a higher reduction potential (−0.2 V vs. Ag/AgCl), a limiting diffusion current (5.44 mA cm⁻²) and excellent stability in 0.1 M KOH solution.