The process of transforming solar power into hydrogen fuel through photoelectrochemical water splitting is a highly viable strategy for producing hydrogen in an environmentally friendly and sustainable manner, offering a long-term solution to the worldwide energy crisis. Therefore, the need for high-performance photoelectrodes is critical for optimizing the transformation of solar energy into hydrogen fuel. Herein, a simple citrate sol-gel technique was employed to fabricate magnesium iron oxide (MgFeO3) for its potential use in photoelectrochemical water splitting. A detailed analysis was undertaken using techniques such as XRD, FESEM, XPS, PL, EDX, and UV–Vis spectrophotometry to uncover the fundamental physicochemical and optoelectronic aspects of the MgFeO3 perovskite material. The MgFeO3 photoelectrode manifests superior PEC characteristics as evidenced by the optimal photocurrent density of 4.5 mA cm−2 achieved at a potential of 1.2 V vs. RHE, and a commendable solar-to-hydrogen conversion efficiency of 0.97%. EIS studies provided evidence of improved charge transfer kinetics and decreased recombination rates in the MgFeO3 photoelectrode. In addition, extended reliability evaluations utilizing chronoamperometry verified consistent operation for 10 h at a photocurrent density of 3.5 mA cm−2, demonstrating the long-term durability of MgFeO3 in PEC water splitting. These results emphasize the considerable promise of MgFeO3 perovskite as a proficient and robust photoelectrode substance for PEC water-splitting applications.