An in situ catalytic etching strategy is developed to fabricate holey reduced graphene oxide along with simultaneous coupling with a small-sized Mo N-Mo C heterojunction (Mo N-Mo C/HGr). The method includes the first immobilization of H PMo O (PMo ) clusters on graphite oxide (GO), followed by calcination in air and NH to form Mo N-Mo C/HGr. PMo not only acts as the Mo heterojunction source, but also provides the Mo species that can in situ catalyze the decomposition of adjacent reduced GO to form HGr, while the released gas (CO) and introduced NH simultaneously react with the Mo species to form an Mo N-Mo C heterojunction on HGr. The hybrid exhibits superior activity towards the hydrogen evolution reaction with low onset potentials of 11 mV (0.5 m H SO ) and 18 mV (1 m KOH) as well as remarkable stability. The activity in alkaline media is also superior to Pt/C at large current densities (>88 mA cm ). The good activity of Mo N-Mo C/HGr is ascribed to its small size, the heterojunction of Mo N-Mo C, and the good charge/mass-transfer ability of HGr, as supported by a series of experiments and theoretical calculations.