Formic acid (FA) is considered a convenient hydrogen carrier with a high hydrogen-storage capacity. Although the non-noble-metal-based catalysts for FA dehydrogenation have made significant progress in recent years, they still face some challenges, such as complex preparation methods and inefficient FA dehydrogenation. Herein, a N-doped carbon (NC) supported α-Mo2C catalyst was successfully synthesized by the one-step pyrolysis strategy and performed excellent catalytic activity for neat FA decomposition while with a low dehydrogenation selectivity. The addition of water significantly improved the FA dehydrogenation selectivity and the α-Mo2C/NC catalyst showed a gas production rate of 224.19 mL/gcat./h and an almost complete dehydrogenation selectivity in the aqueous FA (40 vol.%) at 98 °C. Moreover, no significant deactivation was found during the 60 h stability test under different FA concentrations via this catalyst. The use of NC supported α-Mo2C obtained by one-step pyrolysis as an effective non-noble-metal catalyst and H2O introduction to promote selectivity could provide a novel low-cost H2 production strategy from FA.