Rechargeable magnesium batteries (RMBs) have emerged as a promising next-generation electrochemical energy storage technology due to their superiority of low price and high safety. However, the practical applications of RMBs are severely limited by immature electrode materials. Especially, the high-rate cathode materials are highly desired. Herein, we propose a dual-functional design of V₂O₅ electrode with rational honeycomb-like structure and rich oxygen vacancies to enhance the kinetics synergistically. The result demonstrates that oxygen vacancies can not only boost the intrinsic electronic conductivity of V₂O₅, but also enhance the Mg²⁺ diffusion kinetics inside the cathode, leading to the good high-rate performance. Moreover, ex-situ X-ray diffraction (XRD), transmission electron microscopy (TEM), and X-ray photoelectron spectroscopy (XPS) characterizations reveal that Mg²⁺ is mainly intercalated from the (101) plane of V₂O_5−X based on the insertion-type electrochemical mechanism; meanwhile, the highly reversible structure evolution during Mg²⁺ insertion/extraction is also verified. This work proposes that the dual-functional design of electrode has a great influence in enhancing the electrochemical performance of cathode materials for RMBs.