This study investigated the impact of acetone on the electrochemical behavior of polycrystalline platinum electrodes in 0.1 M NaOH solution, with respect to the kinetics of hydrogen and oxygen evolution reactions (HER and OER) and indirectly to the underpotential deposition of hydrogen (UPDH). Cyclic voltammetry (CV) and electrochemical impedance spectroscopy (EIS) techniques were employed to analyze these processes for acetone concentrations ranging from 1.0 × 10−6 to 1.0 × 10−3 M. The addition of (CH3)2C=O enhanced the catalytic efficiency of alkaline water splitting, which was believed to be a result of a significant reduction in the surface tension phenomenon (due to mutual interaction of acetone and water molecules), thus considerably facilitating hydrogen bubble detachment from the Pt electrode. Key findings in this work are described with respect to facilitation of both the HER and the OER reactions’ kinetics by the presence of acetone (also undergoing Pt electroreduction over the potential range for UPDH) in the working solution, without an electrode surface poisoning effect. The latter implies significant opportunities for traces of organic additives into alkaline electrolyte to improve the industrial alkaline water electrolysis process.