It has been shown that coordinatively unsaturated complexes can catalyze hydrogen production via an unstable hydride intermediate. Herein we present a new kind of water soluble catalyst based on a coordinatively saturated cobalt complex, [(phen)2Co(CN)2]⋅ClO41 that is formed by the reaction of 1,10-phenanthroline (phen), Co(ClO4)2·6H2O and tetracyanoethylene (TCNE). Under photoirradiation with blue light (λmax = 469 nm) in air, together with [Ru(bpy)3]Cl2 and ascorbic acid in a pH 5.5 aqueous solution, 1 possesses photocatalytic activity for water reduction to hydrogen with an initial turnover number (TON) of 1232H2 per mol of catalyst at first 10 h, and this activity is sustained for at least 70 h. This can be attributed to that oxidative quenching by 1 (kq = 1.69 × 1010 M−1 s−1) dominates over reductive quenching to [Ru(bpy)3]Cl2 by ascorbic acid (kq = 1.55 × 1010 M−1 s−1). Additionally, 1 electrocatalyze hydrogen generation from a neutral water with a turnover frequency (TOF) of 1113.1 mol of hydrogen per mole of catalyst per hour (mol H2/mol catalysts/h) at an overpotential (OP) of 838 mV. We hope this can afford a new method in proton or water reduction catalysis using coordinatively saturated complexes in purely aqueous media.