The present invention is usable in oxygen electrodes and air electrodes for air cells, fuel cells, electrochemical sensors and like electrochemical devices. The present invention provides a very stable oxygen-reducing electrode that can achieve electrochemical reduction of oxygen at a noble potential. The oxygen-reducing electrode of the present invention contains a cobalt tetrapyrazinoporphyrazine derivative represented by the following Structural Formula (1) as a catalytic component ##STR00001##