The development and exploration of efficient bifunctional electrocatalysts for water splitting are in high demand and have garnered significant attention in recent years. Herein, by incorporating the advantages of catalytic‐active polyoxometalates (POMs) and structural stable metal‐organic frameworks (MOFs), two POM@MOFs composite materials, Ni4Mo12@Fe and Co4Mo12@Fe, have been successfully prepared via the encapsulation of POMs anions [MoV12O30(µ2‐OH)10H2{NiII4(H2O)12}]∙14H2O (noted as Ni4Mo12) and [MoV12O30(μ2‐OH)10 H2{CoII(H2O)3}4]∙12H2O (noted as Co4Mo12) into the cavities of MOFs NH2‐MIL‐101(Fe), respectively. Compared to each individual components, Ni4Mo12@Fe and Co4Mo12@Fe composites, as heterogeneous electrocatalysts, both showed enhanced electrocatalytic capacities for efficient oxygen evolution reaction (OER) under alkaline conditions with overpotentials of 332.64 mV for Ni4Mo12@Fe and 352.64 mV for Co4Mo12@Fe at 10 mA cm−2, respectively. Additionally, the enhanced electrocatalytic capacities of these two composites could also achieve towards hydrogen evolution reaction (HER). Such a POMs‐assisted strategy for the formation of POM@MOFs composites described here paves a new avenue for the development of highly economical, active non‐noble metal bifunctional electrocatalysts for OER and HER.