AbstractThe continuous quest of finding optimum catalysts for photo‐electrocatalytic (PEC) water splitting has been revolving around 2D ultrathin materials because of the fact of exploiting both the surface area. In this work, a threefold impact is envisaged route to enhance the activity both in terms of hydrogen evolution reaction (HER) and oxygen evolution reaction (OER) in the emerging Zirconium Tri‐sulfides (ZrS3) based pseudo‐monolayers. Due to the unique and distinct electronic properties of the tri‐chalcogenide systems as compared to the di‐chalcogenide counterpart of Zirconium, one could afford to explore the implications of not only single‐atom functionalization and vacancy defect, but also the external strain to expedite the bifunctional catalytic activity in this promising material. Rigorous electronic structure calculations have been performed for the mentioned threefold effect on not only the band‐edge alignment, but going beyond to it by further constructing the reaction coordinate mapping corresponding to HER and OER mechanism. The repercussion of external strain in addition to the single atom functionalization and vacancy defect on the adsorption free energies of the prime intermediates of HER and OER reaction has been further correlated with the work function variation in this pseudo‐monolayer system.