Development of new functional materials with improved characteristics for solid oxide fuel cells (SOFCs) and solid oxide electrolysis cells (SOECs) is one of the most important tasks of modern materials science. High electrocatalytic activity in oxygen reduction reactions (ORR), chemical and thermomechanical compatibility with solid electrolytes, as well as stability at elevated temperatures are the most important requirements for cathode materials utilized in SOFCs. Layered oxygen-deficient double perovskites possess the complex of the above-mentioned properties, being one of the most promising cathode materials operating at intermediate temperatures. The present review summarizes the data available in the literature concerning crystal structure, thermal, electrotransport-related, and other functional properties (including electrochemical performance in ORR) of these materials. The main emphasis is placed on the state-of-art approaches to improving the functional characteristics of these complex oxides.