Formic acid is an appealing hydrogen storage material. In order to rapidly produce hydrogen from formic acid under relatively mild conditions, high-efficiency and stable photocatalytic systems are of great significance to prompt hydrogen (H2) evolution from formic acid. In this paper, an efficient and stable photocatalytic system (CdS/P/MoS2) for H2 production from formic acid is successfully constructed by elemental P doping of CdS nanorods combining with in situ photodeposition of MoS2. In this system, P doping reduces the band gap of CdS for enhanced light absorption, as well as promoting the separation of photogenerated charge carriers. More importantly, MoS2 nanoparticles decorated on P-doped CdS nanorods can play as noble-metal-free cocatalysts, which increase the light adsorption, facilitate the charge transfer and effectively accelerate the hydrogen evolution reaction. Consequently, the apparent quantum efficiency (AQE) of the designed CdS/P/MoS2 is up to 6.39% at 420 nm, while the H2 evolution rate is boosted to 68.89 mmol·g−1·h−1, which is 10 times higher than that of pristine CdS. This study could provide an alternative strategy for the development of competitive CdS-based photocatalysts as well as noble-metal-free photocatalytic systems toward efficient hydrogen production.