Abstract Developing high‐efficiency and low‐cost oxygen‐evolving electrodes in anion exchange membrane (AEM) water electrolysis technology is one of the major challenges. Herein, it is demonstrated that the surface corrosion of a conventional Ni foam electrode in the presence of Fe 3+ and V 3+ cations can transform it into an electrode with a high catalytic performance for oxygen evolution reaction (OER). The corroded electrode consists of a ternary NiFeV layered double hydroxide (LDH) nanosheet array supported on the Ni foam surface. This NiFeV LDH electrode achieves an OER current density of 100 mA cm −2 at an overpotential of 272 mV in 1 m KOH, outperforming the IrO 2 catalyst by 180 mV. Density functional theory calculations reveal that the unique structure and the presence of vanadium in NiFeV LDH play a key role in achieving improved OER activity. When coupled with a commercial Pt/C cathode catalyst, the resulting AEM water electrolyzer achieves a cell current density as high as 2.1 A cm −2 at a voltage of only 1.8 V cell in 1 m KOH, which is similar to the performance of the proton exchange membrane water electrolyzer obtained from the IrO 2 and Pt/C catalysts pair.