Herein, a hybrid structure of hematite (α‐Fe2O3) nanorod arrays is designed, with surface catalyzed by Co molecular complex (Co(dca)2, dca: dicyanamide) and then protected by TiO2 thin overlayer, for efficient and stable photoelectrochemical (PEC) water oxidation. The obtained α‐Fe2O3/Co(dca)2/TiO2 hybrid nanorod arrays show much improved and stabilized PEC performance as compared to the pristine, and even the Co(dca)2 or TiO2 modified α‐Fe2O3, with a photocurrent density of 0.35 mA cm–2 obtained at 1.23 V vs. reversible hydrogen electrode (RHE), and an incident photon‐to‐current conversion efficiency (IPCE) reaching 16 % at 400 nm at 1.6 V vs. RHE. It has been demonstrated that the adsorbed Co(dca)2 molecular complex could effectively promote the interface charge transfer process and accelerate the water oxidation reaction kinetics, meanwhile the atomic layer deposited TiO2 overlayer could passivate the surface defects of α‐Fe2O3 and suppress the surface charge carrier recombination. Moreover, the TiO2 overlayer could effectively protect Co(dca)2 from detaching from the α‐Fe2O3 surface and thus stabilize the PEC activity for water oxidation reaction. The present study provides some available thoughts and methods for rational design of highly efficient photoelectrodes for water splitting from the perspective of the surface and interface engineered charge carrier transfer and water oxidation processes.