Owing to high theoretical specific capacitance of 3560Fg−1 and intrinsic activity towards oxygen evolution reaction (OER), inexpensive Co3O4 is drawing much attention as either a promising pseudocapacitive electrode or OER catalyst. However, restricted to poor conductivity and lack of active sites, Co3O4 usually exhibits limited experimental capacitance and OER activity, barely satisfying high energy density delivering of supercapacitors and low energy input of water-splitting systems. Herein, we report O22-/O- functionalized oxygen-deficient Co3O4 nanorods for supercapacitor and water splitting dual applications. The CoC2O4·2H2O converted oxygen-deficient Co3O4 nanorods show enhanced electrical conductivity as confirmed by the increased carrier density. The increased number of Co2+ sites (oxygen vacancies) and CoOOH are believed to contribute to the improvement in faradaic reactions and OER activity. Additionally, surface functionalization by O22-/O- is realized in oxygen-deficient Co3O4 nanorods. On the basis of these merits, the as-synthesized Co3O4 nanorods demonstrate a significantly high specific capacitance of 739Fg−1 and an ultralow overpotential of 275mV at 10mAcm−2 for OER with ultralong stability of over 300h (@ 100mAcm−2). Specifically, an electrolyzer for overall water splitting can be driven by asymmetric supercapacitors with the optimized cobalt oxide as both electrocatalyst and electrode material.