The development of highly efficient and stable non‐noble bifunctional catalysts for overall water electrolysis has attracted considerable attention in recent decades. Owing to appealing chemical and structural properties, two‐dimensional (2D) porous nanocomposites have been considered as the first‐class candidates for water electrolysis. Herein, an effective 2D bifunctional catalyst, CoO‐modified nitrogen and sulfur co‐doped ultrathin porous carbon nanoplates, has been synthesized by pyrolysis of ultrathin [CoII(Tdc)(4,4′‐Bpy)]n (Tdc=thiophene‐2,5‐dicarboxylate; Bpy=4,4′‐bipyridine) nanoplates at 600 °C under a nitrogen atmosphere (denoted CoO/N‐S‐UPCNPs‐600). CoO/N‐S‐UPCNPs‐600 possesses favorable properties for oxygen evolution reaction (OER) and hydrogen evolution reaction (HER), such as a thinner thickness in ultrathin porous carbon nanoplates (UPCNPs), more defects, and a larger specific surface area. As a result, CoO/N‐S‐UPCNPs‐600 exhibits high catalytic activity and stability towards both OER and HER in alkaline medium. Its overpotentials and Tafel slopes are as low as 240 and 110 mV at 10 mA cm−2 and as small as 62 and 94 mV dec−1 for OER and HER, respectively. Furthermore, an alkaline water electrolyzer fabricated with CoO/N‐S‐UPCNPs‐600 as both anodic and cathodic catalysts delivers an attractive cell potential of 1.63 V at 10 mA cm−2 and shows no obvious degradation over 20 h. Therefore, the resultant 2D ultrathin porous nanocomposite is expected to be applied for efficient water electrolysis.