The development of a cost-effective and efficient bifunctional electrode for overall water splitting holds significant importance in accelerating the sustainable advancement of hydrogen energy. The present study involved a bifunctional catalytic electrode was prepared by loading NiCo-modified 1T/2H MoS2 onto carbonized wood (NiCo-MoS2-CW) using the hydrothermal and electrodeposition techniques. The XPS analysis revealed that NiCo-modified MoS2 exhibited a weak electron characteristic, which facilitated the ionization of H2O and significantly enhanced the Volmer step. The XPS analysis unveiled that NiCo-modified MoS2 displayed a weak electron characteristic, thereby promoting the ionization of H2O and substantially augmenting the Volmer step. The electrocatalytic performance of the NiCo-MoS2-CW in 1.0 M KOH is remarkably impressive, exhibiting minimal overpotentials of only 64 mV (10 mA cm−2) and 216 mV (50 mA cm−2) for the hydrogen evolution reaction and oxygen evolution reaction, respectively. The NiCo-MoS2-CW || NiCo-MoS2-CW electrolytic cell can achieve a cell voltage of only 1.69 V to achieve a current density of 50 mA cm−2. Overall, this study proposes a potential approach to improve the catalytic efficiency of overall water splitting by modulating the interfacial electronic properties of MoS2.