Energy-saving water electrolysis is an ideal strategy to realize the grid-scale generation of hydrogen fuel, especially by coupling with an alternating hydrazine oxidation reaction (HzOR). However, the lack of selfsupporting electrodes with excellent bifunctional performance is the key to the problem of high operating voltages. Herein, a unique alternating electrodeposition strategy is first developed to design a (P−Co/Ni 3 P) A3 /NF (NF = nickel foam) electrode, which has a hierarchical heterostructure for more active sites and robust interface interactions, resulting in excellent bifunctional activity. The (P−Co/Ni 3 P) A3 /NF electrode exhibits small potentials of −10 and −79 mV at 10 mA cm −2 as well as low Tafel slopes of 45 and 1.8 mV dec −1 for the hydrogen evolution reaction (HER) and HzOR, respectively. Inspiringly, an extremely small-cell voltage of 50 mV is required to realize a high current density of 300 mA cm −2 in the twoelectrode device, which is 1.77 V lower than that in the overall water splitting (1.82 V) system. Density functional theory calculations confirm that the construction of the P−Co/Ni 3 P heterostructure achieves the improvement of the calculated adsorption energy of the H 2 O molecule (ΔG Hd 2 O ), ΔG H* , as well as the dehydrogenation kinetics of reaction intermediates, thereby accelerating the overall electrocatalytic activity of HER/HzOR. Our strategy suggests a possibility for the development of other material synthesis and performance optimization for hydrogen production.