The construction of bifunctional highly active and durable electrocatalysts for hydrogen evolution reaction (HER) and oxygen evolution reaction (OER) is attractive and challenging for overall water splitting. Herein, we reported a Ni–Co phosphide @phosphate nanocages (NCPP NCs) catalyst prepared by phosphorization of Ni–Co layered double hydroxide (Ni–Co LDH) with in-situ formation of phosphate. The NCPP NCs exhibited an improved wettability with a contact angle of approximately 0° compared with those of Ni–Co LDH (52°) and nickel-cobalt phosphides (NiCoP) (99°). NCPP NCs have been used for enhancing the water-splitting efficiency, and it only required the overpotentials of 291 mV and 140 mV for OER and HER in 0.1 M KOH to achieve the current densities of 10 mA cm−2, respectively. Impressively, the overpotential of NCPP NCs decreased by 42 mV and 64 mV at 10 mA cm−2 for OER in comparison with those of RuO2 and NiCoP (without phosphate phase). Consequently, NCPP NCs, as the bifunctional catalysts, displayed an outstanding performance for the whole water-splitting process with a small potential of 1.60 V at 10 mA cm−2 and long-term stability. These performances enabled this material to be a promising catalyst for overall water electrolysis.