Water splitting technology is an efficient approach to produce hydrogen (H2) as an energy carrier, which can address the problems of environmental deterioration and energy shortage well, as well as establishment of a clean and sustainable hydrogen economy powered by renewable energy sources due to the green reaction of H2 with O2. The efficiency of H2 production by water splitting technology is intimately related with the reactions on the electrode. Nowadays, the efficient electrocatalysts in water splitting reactions are the precious metal-based materials, i.e., Pt/C, RuO2, and IrO2. Ni (Co, Fe)-based layered double hydroxides (LDH) two-dimensional (2D) materials are the typical non-precious metal-based materials in water splitting with their advantages including low cost, excellent electrocatalytic performance, and simple preparation methods. They exhibit great potential for the substitution of precious metal-based materials. This review summarizes the recent progress of Ni (Co, Fe)-based LDH 2D materials for water splitting, and mainly focuses on discussing and analyzing the different strategies for modifying LDH materials towards high electrocatalytic performance. We also discuss recent achievements, including their electronic structure, electrocatalytic performance, catalytic center, preparation process, and catalytic mechanism. Furthermore, the characterization progress in revealing the electronic structure and catalytic mechanism of LDH is highlighted in this review. Finally, we put forward some future perspectives relating to design and explore advanced LDH catalysts in water splitting.