Single-atom catalysts are promising for H2O2 photosynthesis from O2 and H2O, but their efficiency is still limited by the ill-defined electronic structure. In this study, Co single-atoms with unique four planar N-coordination and one axial P-coordination (Co-N4P1) are decorated on the lateral edges of nanorod-like crystalline g-C3N4 (CCN) photocatalysts. Significantly, the electronic structures of central Co as active sites for O2 reduction reaction (ORR) and planar N-coordinator as active sites for H2O oxidation reaction (WOR) in Co-N4P1 can be well regulated by the synergetic effects of introducing axial P-coordinator, in contrast to the decorated Co single-atoms with only four planar N-coordination (Co-N4). Specifically, directional photoelectron accumulation at central Co active sites, induced by an introduced midgap level in Co-N4P1, mediates the ORR active sites from 4e--ORR-selective terminal -NH2 sites to 2e--ORR-selective Co sites, moreover, an elevated d-band center of Co 3d orbital strengthens ORR intermediate *OOH adsorption, thus jointly facilitating a highly selective and active 2e--ORR pathway to H2O2 photosynthesis. Simultaneously, a downshifted p-band center of N 2p orbital in Co-N4P1 weakens WOR intermediate *OH adsorption, thus enabling a preferable 2e--WOR pathway toward H2O2 photosynthesis. Subsequently, Co-N4P1 exhibits exceptional H2O2 photosynthesis efficiency, reaching 295.6 μmol g-1 h-1 with a remarkable solar-to-chemical conversion efficiency of 0.32 %, which is 15 times that of Co-N4 (19.2 μmol g-1 h-1) and 10 times higher than CCN (27.6 μmol g-1 h-1). This electronic structure modulation on single-atom catalysts offers a promising strategy for boosting the activity and selectivity of H2O2 photosynthesis.