Hydrogen is an ideal candidate for the replacement of fossil fuels in the future due to its zero emission of the carbonaceous species during its utilization. Water electrolysis is a dependable link of primary renewable energy and stable hydrogen energy. In this work, the fundamentals of water electrolysis, current popular electrocatalysts developed for cathodic hydrogen evolution reaction (HER) and anodic oxygen evoltion reacion (OER) in liquid electrolyte water electrolysis are reviewed. The main HER catalysts include noble metals, non-noble metal and composites, noble metal-free alloy, metal carbides, chalcogenides, phosphides and metal-free materials while the OER catalysts are focused on efficient Co-based, Ni-based materials and layered double hydroxides (LDH) materials. The strategies to improve catalytic activity, long-term durability and endurance to electrochemical erosions are introduced. The main challenges and future prospects for the further development of electrodes for water electrolysis are discussed. It is expected to give a guidance to the development of novel nanostructured electrocatalysts with low-cost for the electrochemical water splitting.