The voltage reversal of water electrolyzers and fuel cells induces a large positive potential on the hydrogen electrodes, followed by severe system degradation. Applying a reversible multifunctional electrocatalyst to the hydrogen electrode is a practical solution. Ir exhibits excellent catalytic reactivity for hydrogen evolution reactions (HER), and hydrogen oxidation reactions (HOR) around 0 V/RHE, yet irreversibly converts to amorphous IrOx at potentials > 0.8 V/RHE, which is an excellent catalyst for oxygen evolution reactions (OER), yet a poor HER and HOR catalyst. Harnessing these multifunctional catalytic characteristics, we designed a unique Ir-based electrocatalyst for OER, HER, and HOR. Under OER operation, the crystalline nanoparticle catalyst generates an atomically-thin, highly active IrOx layer, which reversibly transforms into a metallic Ir surface at more cathodic electrode potentials, restoring high catalytic activity for HER and HOR. Our analysis reveals that a metallic Ir subsurface to the thin IrOx surface layer can act as a catalytic substrate for the reduction of the dissolved Ir ion, creating reversibility. Our work not only uncovers new fundamental, uniquely reversible catalytic properties of nanoparticle catalysts, but also offers a practical materials-based solution to catalyst layer degradation of electrochemical energy conversion devices.