The advancement of cost-effective and ultra-stable hydrogen evolution reaction (HER) electrocatalysts is critical in addressing carbon dioxide emission challenges. Because of their promising catalytic properties, their excellent stability, and their diversity in phases, nickel phosphide-based nanomaterials are viewed as prospective candidates for HER. This review begins with an examination of nickel phosphide synthetic routes, including vapor−solid reaction, solution−phase, and electrochemical deposition. Next, the process of hydrogen generation from water electrolysis was comprehensively explained, and various hetero-nanostructures, including nickel phosphides/-metal phosphides, -metal hydr(oxides), and the other materials for HER are shown. Finally, existing challenges and feasible advice for the progress of nickel phosphide-based electrocatalysts for hydrogen generation were highlighted.