AbstractOxygen evolution reaction (OER) under acidic conditions becomes of significant importance for the practical use of a proton exchange membrane (PEM) water electrolyzer. In particular, maximizing the mass activity of iridium (Ir) is one of the maiden issues. Herein, the authors discover that the Ir‐doped calcium copper titanate (CaCu₃Ti₄O₁₂, CCTO) perovskite exhibits ultrahigh mass activity up to 1000 A gIr−1for the acidic OER, which is 66 times higher than that of the benchmark catalyst, IrO2. By substituting Ti with Ir in CCTO, metal‐oxygen (M‐O) covalency can be significantly increased leading to the reduced energy barrier for charge transfer. Further, highly polarizable CCTO perovskite referred to as “colossal dielectric”, possesses low defect formation energy for oxygen vacancy inducing a high number of oxygen vacancies in Ir‐doped CCTO (Ir‐CCTO). Electron transfer occurs from the oxygen vacancies and Ti to the substituted Ir consequentially resulting in the electron‐rich Ir and ‐deficient Ti sites. Thus, favorable adsorptions of oxygen intermediates can take place at Ti sites while the Ir ensures efficient charge supplies during OER, taking a top position of the volcano plot. Simultaneously, the introduced Ir dopants form nanoclusters at the surface of Ir‐CCTO, which can boost catalytic activity for the acidic OER.