It remains a tremendous challenge to develop a low‐cost, earth‐abundant, and efficient catalyst with multifunctional activities for the hydrogen evolution reaction (HER), oxygen evolution reaction (OER), and oxygen reduction reaction (ORR). Herein, a facile and scalable avenue was developed to prepare amorphous Co−P/Co−N−C supported on N, P co‐doped porous carbon (Co−P/Co−N−C/NPC) with a large specific surface area (1462.9 m2 g−1) and abundant reactive sites including Co−P, Co−N and NPC. The prepared electrocatalyst exhibits outstanding catalytic performance for HER (η=234 mV at 10 mA cm−2), OER (η=374 mV at 10 mA cm−2), and ORR (E1/2=0.89 V, vs. reversible hydrogen electrode). Benefiting from the excellent HER performance and outstanding OER activity, the Co−P/Co−N−C/NPC delivers a current density of 10 mA cm−2 for overall water splitting at a cell voltage of 1.59 V, which is comparable with the IrO2–Pt/C couple electrode.