The formation of boron and nitrogen (BN) codoped graphene oxide (GO) from carbon dioxide (CO2) was accomplished using ammonia borane (NH3BH3) as a reducing agent. This graphene-based material was produced in two sequential processes (carbon fixation and pyrolysis) under moderate reaction conditions. One important potential application for the graphene-based material is as catalysts for oxygen reduction reaction (ORR) in fuel cell electrodes. This utilization is supported by the fact that B and N are incorporated into the carbon lattice and the BN insertion improves the electro-catalytic activity for ORR. Electrochemical measurements of BN codoped GO catalysts confirmed the activity for oxygen reduction reaction. The origin of the electro-catalytic activity was elucidated by identifying the insertion of B and N atoms as BCO2 and pyrrolic N in X-ray photoelectron spectroscopy.