The overpotential of alkaline water electrolysis at high current density is significantly increased by the high energy barriers of high intermediate (H* and OH*) and slow mass/charge transfer. Modifying the electronic structure and morphology of catalysts to decrease energy barriers and enhance mass/charge transfer is a promising approach, but it presents significant challenges. In this study, the crystalline Ni 2 P clusters were coupled with an amorphous NiMoO x nanorod support on a nickel foam substrate (Ni 2 P−NiMoO x /NF) to create a heterojunction that enhances mass/charge transfer, tunes energy barriers, and improves reaction kinetics through synergistic activation. The Ni 2 P− NiMoO x /NF exhibits ultralow overpotentials of 91, 188, and 297 mV at 10, 100, and 500 mA cm −2 , respectively, for the hydrogen evolution reaction, along with stability. It also shows superior performance in the oxygen evolution reaction. Remarkably, the Ni 2 P− NiMoO x /NF-based electrolyzer achieves 100 and 400 mA cm −2 at low cell voltages of 1.66 and 2.08 V, respectively, while also maintaining stable electrolysis for 100 h under industrial testing (65 °C with 30% KOH). Additional characterization and density functional theory calculations demonstrate that the interaction between Ni 2 P and NiMoO x facilitates the downshifting of d-band centers to the Fermi level, which results in the activation of the local electronic structure, promoting H 2 O dissociation and enhancing the overall catalytic activity.