Simple and efficient preparation of highly active electrocatalysts is of great significance for water splitting. Herein, Co–Fe–Mn–P/NF electrode was prepared on a nickel foam through electroless plating-acid etching strategy, which showed excellent bifunctional catalytic activity for hydrogen evolution reaction (HER) and oxygen evolution reaction (OER) in 1 M KOH. For HER, only 13 and 78 mV overpotentials are needed to reach current densities of 10 and 100 mA cm−2 with Tafel slopes as low as 33.7 mV dec−1. While for OER, the Co–Fe–Mn–P/NF required small overpotentials of 275 and 327 mV to reach the current densities of 10 and 100 mA cm−2, and the Tafel slope is only 34.8 mV dec−1. In addition, Co–Fe–Mn–P/NF only needs 1.562 V to drive water splitting to produce a current density of 10 mA cm−2. Furthermore, it also demonstrated excellent stability by maintaining stable operation for more than 24 h.