Nonprecious transition-metal phosphides (TMPs) are versatile materials with tunable electronic and structural properties that could be promising as catalysts for energy conversion applications. Despite the facts, TMPs are not explored thoroughly to understand the chemistry behind their rich catalytic properties for the water splitting reaction. Herein, spiky ball-shaped monodispersed TMP nanoparticles composed of Fe, Co, and Ni are developed and used as efficient electrocatalysts for hydrogen and oxygen evolution reaction (HER, OER), and overall water splitting in alkaline medium; and their surface chemistry was explored to understand the reaction mechanism. The optimized Fe 0.5 CoNi 0.5 P catalyst shows attractive activities of HER and OER with low overpotentials and Tafel slopes, and with high mass activities, turnover frequencies, and exchange current densities. When applied to overall water splitting, the electrolyzer Fe 0.5 CoNi 0.5 P||Fe 0.5 CoNi 0.5 P cell can reach a 10 mA cm −2 current density at cell voltages of only 1.52 and 1.56 V in 1.0 M and 30 wt % KOH, respectively, much lower than those of commercial IrO 2 ||Pt/C. The optimized electrolyzer with sizable numbers of chemically active sites exhibits superior durability up to 70 h and 5000 cycles in 1.0 M KOH and can attain a current density as high as 1000 mA cm −2 , showing a class of efficient bifunctional electrocatalysis. Experimental and density functional theory-based mechanistic analyses reveal that surface reconstruction takes place in the presence of KOH to form the TMP precatalyst, which results in high coverage of oxygen active species for the OER with a low apparent activation energy (E a ) for conversion of *OOH to O 2 . These also evidenced the thermoneutral adsorption of H* for the efficient HER half-reaction.