A hammer-like Co3O4 was firstly prepared by using metal-organic framework-74 as a template, and then compounded with elemental Ag to fabricate a highly active catalyst with an improved electronic conductivity. The Li-O2 battery with this prepared catalyst has a specific discharge capacity of 13 945 mA·h/g at a current density of 100 mA/g. Even at a high current density of 1 000 mA/g, the battery can still maintain a specific discharge capacity of 4 476.3 mA·h/g, indicating that it has an excellent rate performance. Also, the cycle performance is greatly improved. For the limited specific capacity of 1 000 mA·h/g at the current density of 500 mA/g, the battery with Ag/Co3O4 catalyst can be used for 195 cycles, while that with Co3O4 catalyst can be used for only 42 cycles.