Exploring multifunctional electrocatalysts to realize efficient hydrogen evolution reaction (HER), oxygen evolution reaction (OER), and oxygen reduction reaction (ORR) is urgently desired for developing novel renewable energy storage and conversion technologies. However, integrating these three merits in one single catalyst remains a big challenge due to the difficulty in balancing the adsorption strengths of multiple reaction intermediates. Herein, through first-principles calculations, we systematically investigated the electrocatalytic activity of M2B2, M3B4, and M4B6 type MBenes (M = Cr, Mn, Fe, Co, and Ni) for multifunctional HER, OER, and ORR. The results indicate that most of the investigated MBenes show outstanding catalytic activity for HER with hydrogen adsorption Gibbs free energy close to the optimal value (0 eV). Thereinto, Ni2B2 and Co3B4 MBenes can be promising multifunctional HER/OER/ORR electrocatalysts, and Fe3B4 MBene is expected to be a promising bifunctional electrocatalyst for HER/ORR. Especially, Ni2B2 MBene is even better than the benchmark RuO2 catalyst with ultralow low overpotentials of 0.26 and 0.30 V for OER and ORR, respectively. Then, we proposed that the overpotentials of OER/ORR can be well described by the varied ΔGOH* on MBene, which has been further illuminated through the d-band center and charge transfer analysis. Importantly, new scaling relations between the adsorption energies of OOH* and O* on MBenes have been established, where ΔGOOH* and ΔGO* possess different slopes versus ΔGOH*, allowing the significantly lower overpotentials of OER and ORR to be achieved. This work provides not only promising multifunctional HER/OER/ORR electrocatalysts but also new scaling relations to achieve the rational design of MBene-based electrocatalysts.