The development of active and durable bifunctional electrocatalysts for overall water splitting is mandatory for renewable energy conversion. This study reports a general method for controllable synthesis of a class of IrM (M = Co, Ni, CoNi) multimetallic porous hollow nanocrystals (PHNCs), through etching Ir-based, multimetallic, solid nanocrystals using Fe ions, as catalysts for boosting overall water splitting. The Ir-based multimetallic PHNCs show transition-metal-dependent bifunctional electrocatalytic activities for both the hydrogen evolution reaction (HER) and oxygen evolution reaction (OER) in acidic electrolyte, with IrCo and IrCoNi PHNCs being the best for HER and OER, respectively. First-principles calculations reveal a ligand effect, induced by alloying Ir with 3d transition metals, can weaken the adsorption energy of oxygen intermediates, which is the key to realizing much-enhanced OER activity. The IrCoNi PHNCs are highly efficient in overall-water-splitting catalysis by showing a low cell voltage of only 1.56 V at a current density of 2 mA cm , and only 8 mV of polarization-curve shift after a 1000-cycle durability test in 0.5 m H SO solution. This work highlights a potentially powerful strategy toward the general synthesis of novel, multimetallic, PHNCs as highly active and durable bifunctional electrocatalysts for high-performance electrochemical overall-water-splitting devices.