In the quest to harness renewable energy sources for green hydrogen production, alkaline water electrolysis has emerged as a pivotal technology. Enhancing the reaction rates of overall water electrolysis and streamlining electrode manufacturing necessitate the development of bifunctional and cost-effective electrocatalysts. With this aim, a complex compound electrocatalyst in the form of cobalt−sulfo−boride (Co−S−B) was fabricated using a simple chemical reduction method and tested for overall alkaline water electrolysis. A nanocrystalline form of Co−S−B displayed a combination of porous and nanoflake-like morphology with a high surface area. In comparison to Co−B and Co−S, the Co−S−B electrocatalyst exhibits better bifunctional characteristics requiring lower overpotentials of 144 mV for hydrogen evolution reaction and 280 mV for oxygen evolution reaction to achieve 10 mA/cm 2 in an alkaline electrolyte. The improved Co−S−B performance is attributed to the synergistic effect of sulfur and boron on cobalt, which was experimentally confirmed through various material characterization tools. Tafel slope, electrochemical surface area, turnover frequency, and charge transfer resistance further endorse the active nature of the Co−S−B electrocatalyst. The robustness of the developed electrocatalyst was validated through a 50 h chronoamperometric stability test, along with a recyclability test involving 10,000 cycles of linear sweep voltammetry. Furthermore, Co−S−B was tested in an alkaline zero-gap water electrolyzer, reaching 1 A/cm 2 at 2.06 V and 60 °C. The significant activity and stability demonstrated by the cobalt-sulfo-boride compound render it as a promising and cost-effective electrode material for commercial alkaline water electrolyzers.