In this paper, the density functional theory study was performed to investigate the reaction mechanism of acceptorless dehydrogenation catalyzed by bifunctional catalysts. The calculation results indicate that the catalyst bearing the Co(III) center adopts the inner-sphere stepwise dehydrogenation mechanism. The H2 formation was found to be the rate-determining step, and the proton-shuttle type transition state effectively reduces the activation energy barrier. Furthermore, the catalytic activities of the noble metals (Rh and Ir) were investigated and compared. The results suggest that the noble metals prefer the outer-sphere bifunctional transfer mechanism for the dehydrogenation reaction. Frontier molecular orbital analysis shows that the HOMO-LUMO gap of the active species increases along with the periodic number, which leads to a weakening of the coordination strength of the substrate to the metal center, resulting in the different mechanistic selectivity toward dehydrogenation reaction. In addition, based on the distortion-interaction analysis, the different activation energy barrier in the H2 formation step is illuminated. The reduced ionic radii of the Co result in lower deformation energies of the catalyst and substrate structures in the H2 formation transition state, thus lowering the activation energy barrier. Our results reveal the advantages of base metal in dehydrogenation reactions, which is expected to provide theoretical guidance for future catalyst design.