Designing a synthesis of ultra‐small Ni‐based nanomaterials with high intrinsic activity and stability in alkaline hydrogen evolution reaction (HER) is a major challenge. Herein, a series of noble metal doped ultra‐small size (4 nm) M‐Ni/NiO nanoparticles supported on CNT are rationally designed by a solvent‐free microwave reduction method that is fast (60 s), simple, includes no surfactants, extensive (>1 g), and has high yield (82.7%). The Ir‐Ni/NiO@CNT has superior performance with a low overpotential of 24.6 mV at 10 mA cm−2. In addition, the turnover frequency (TOF) value up to 2.51 s−1 and the exchange current density reaches 4.34 mA cm−2, indicating that the catalyst has better intrinsic catalytic activity. It is further proved by density functional theory (DFT) that the NiO surface is conducive to the adsorption of OH* in the Volmer step while the Ni is inclined to adsorb H*, which synergistically promotes the water‐splitting reaction, thereby increasing the catalytic rate of HER. It is believed that this work will provide valuable contributions and inspirations toward the large‐scale production of high‐performance Ni‐based electrocatalysts for HER.