Catalysts based on earth-abundant non-noble metals are interesting candidates for alkaline water electrolysis in sustainable hydrogen economies. However, such catalysts often suffer from high overpotential and sluggish kinetics in both the hydrogen and oxygen evolution reactions (HER and OER). In this study, a hybrid catalyst made of iron-doped cobalt phosphide (Fe-CoP) nanowire arrays and Ni(OH)2 nanosheets is introduced that displays strong electronic interactions at the interface, which significantly improves the interfacial reactivity of reactants and/or intermediates with the hybrid catalyst surface. The combined experimental and theoretical study further confirms that the hybrid catalyst promotes the sluggish rate-limiting steps in both the HER and OER. Full water electrolysis is thus enabled to take place at such a low cell voltage as 1.52 V to reach the current density of 10 mA cm−2 along with superior durability and high conversion efficiency.