Transition metal phosphides (TMPs) are regarded as highly active electrocatalysts for the hydrogen evolution reaction (HER). However, traditional synthetic routes usually use expensive and dangerous precursors as P donors. The development of a low‐cost and ecofriendly method for the synthesis of TMPs is significant for sustainable energy development. Herein, cobalt phosphides anchored on or embedded in a spirulina‐derived porous N‐doped carbon matrix (Co2P/NC) was fabricated by two‐step hydrothermal treatment and carbonization method, which utilized the intrinsic C, N, and P of biomass cleverly as the sources of C, N, and P, respectively. As a result of the high surface area and porosity that enhance the mass‐transfer dynamics, Co2P/NC shows good electrocatalytic activity at all pH values in the HER. This work not only provides a facile and effective method for the fabrication of TMP nanoparticles loaded onto carbon materials but also opens a new strategy for the utilization of the intrinsic ingredients of biomass for the preparation of other functional electrocatalysts.