Production of high-quality green hydrogen gas as a potential alternative to fossil fuels has been of vital importance in recent years. Among many functional materials, layered metal diborides (MDbs) have attracted great attention from the scientific community due to their outstanding catalytic activity toward hydrogen evolution. This study is dedicated to examine the water electrolysis of a series of metal-substituted MoB 2 electrocatalysts (Mo (1-x) TM x B 2 ; TM = Ni and Co; x = 0, 0.05, 0.1, 0.2, 0.3, 0.4, and 0.5) synthesized by a facile molten salt technique. The electrocatalysis of materials was assessed in 1.0 M KOH by measuring the hydrogen evolution reaction (HER), oxygen evolution reaction (OER), and overall water splitting. Interestingly, as the substitution content of TM increases, α-MoB 2 , with graphenelike boron layers, transforms into β-MoB 2 comprising both flat and puckered boron layers, where α-MoB 2 has demonstrated enhanced electrocatalytic performance. Mo 0.9 Ni 0.1 B 2 afforded 10 mA cm −2 at a low overpotential of 222 mV toward HER (located very close to the commercial Pt/C). The assembled Mo 0.9 Ni 0.1 B 2 (cathode)∥Mo 0.8 Co 0.2 B 2 (anode) couple demanded 1.75 V to produce 10 mA cm −2 , which is near the potential of state-of-the-art Pt/C∥RuO 2 pair. The Faradaic efficiency of generated H 2 was determined to be approximately 80%.