Abstract: Ni, Co-induced highly distributed NiCoP nanoparticles embedded nitrogen-doped carbon nanotubes (NCNTs) (NiCo/NiCoP-NCNTs) were directly synthesized by a one-step phosphorization and carbonization process. As a bifunctional electrocatalyst for water splitting, NiCo/NiCoP NCNTs show impressive catalytic performance with an overpotential of only 206 mV for the hydrogen evolution reaction and 360 mV for the oxygen evolution reaction in 0.5 mol/L H₂SO₄ and 1 mol/L KOH solutions, respectively. In addition, NiCo/NiCoP NCNTs maintain a stable cell voltage of 1.68 V at 10 mA/cm² with only a 10% decrease in current density over 48 h, showing remarkable stability. The improved catalytic activity can be attributed to the integration of NiCoP nanoparticles and the synergies between NCNTs and NiCo alloy. Additionally, the improved electrocatalytic performance can be attributed to the increased electrochemically active surface area and the reduced electron transfer resistance of the NiCo/NiCoP-NCNTs. Overall, the NiCo/NiCoP-NCNTs demonstrated significant performance for advanced water electrolysis applications.