The work describes a carbon-based peroxidase mimic, N- and B-codoped reduced graphene oxide (NB-rGO), which shows high peroxidase-like activity without oxidase-like activity and has a catalytic efficiency nearly 1000-fold higher than that of undoped rGO. The high catalytic activity of NB-rGO is explained by density functional theory by calculating Gibbs free energy change during the peroxide decomposition reaction. Acetylcholine and C-reactive protein are successfully quantified with high sensitivity and selectivity, which were comparable to or better than those obtained using natural peroxidase. Furthermore, NB-rGO, which does not have oxidase-like activity, is proven to have higher sensitivity toward acetylcholine than Pt nanoparticles having oxidase-like activity. This work will facilitate studies on development, theoretical analysis for rational design, and bioassay applications of enzyme mimics based on nanomaterials.