Herein, we reported a new strategy to grow N‐doped carbon nanotubes encapsulating Ni/MoN heterostructures on carbon cloth (Ni/MoN@NCNT/CC). The high intrinsic activity in the interface engineering of the Ni/MoN heterostructures, the high conductivity and protection of NCNT, and the three‐dimensional structure of the Ni/MoN@NCNT/CC contribute to its outstanding activity and stability for HER (overpotential of 207 mV at 10 mA cm−2) and OER (overpotential of 252 mV at 10 mA cm−2). Particularly, for HER, it can maintain a consistent potential at 100 mA cm−2 for 100 h. Besides, for OER the generated surface roughness and larger surface area can enhance OER activity of the catalyst. When used as a bifunctional electrocatalyst for overall water splitting, it can achieve a current density of 10 mA cm−2 at a cell voltage of 1.699 V with excellent durability. This work provides a new strategy to fabricate three‐dimensional heterostructured water‐splitting electrocatalysts with large surface area.