Identifying dual role electrode materials capable of storing both lithium and sodium are thought to be highly relevant, as these materials could find potential applications simultaneously in lithium and sodium ion batteries. In this regard, the concept of dual alkali storage is demonstrated in Fe₃O₄ anode material undergoing conversion reaction. To enable improved storage, a rational active material and electrode design is proposed. Accordingly, the following features were simultaneously incorporated into the design: (i) an optimal particle size, (ii) a conducting matrix, (iii) adequately large active material surface area and (iv) strong electrode material-current collector integrity. Electrodes incorporating this rational design exhibit excellent high rate performance and impressive cyclability during lithium storage. For instance, Fe₃O₄ electrodes deliver a charge capacity of 950 mAh g⁻¹ at 1.2 C (∼2.6 times higher than graphite and 5.4 times higher than Li₄Ti₅O₁₂). Further, these electrodes show no signs of capacity fade even up to 1100 cycles. Impressively, the cells could also be charged–discharged to 65% of their theoretical capacity in just 5 min or 12 C (11.11 A g⁻¹). The rate performance and cyclability of lithium storage achieved here are amongst the highest reported values in the literature for the conversion reaction in Fe₃O₄. Besides lithium storage, the dual role of this anode is shown by demonstrating its sodium storage ability by conversion reaction for the first time.