The synthesis of supported multielement transition metal phosphides (TMPs) to exploit the synergistic interplay between electronic and geometric effects resulting from the presence of different metals in the material and the arrangement of heterogeneous atoms is pivotal for reducing metal content while offering multiple active sites. However, the integration of Ni, Co, and P, for example, into a nanostructured carbon network to develop self‐supporting NixCoyP bimetallic phosphides is limited by several factors, including the synthesis and the discrepancy between the crystal structure of the respective monometallic phosphides. Moreover, conventional synthesis of supported TMPs often separates nanoparticles, support and phosphidation steps, which do not allow tailoring of physical and catalytic properties via particle support, electronic and geometric interactions. Herein, an innovative solid‐state, ex situ phosphidation‐free approach tailored to synthesize a library of self‐supporting NixCoyP TMPs in N,S,P‐modified nanostructured carbon networks generated together with NixCoyP particles is presented. Extensive multivariate characterization validates the unique properties of NixCoyP bimetallic materials with enhanced electrocatalytic performance for the hydrogen evolution reaction and the selective electroconversion of biomass‐derived 5‐hydroxymethylfurfural (5‐HMF) to value‐added 2,5‐furandicarboxylic acid (FDCA) with 90–100% Faradaic efficiency. Overall, the synthesis expands the possibilities for tailoring the microstructure of supported TMPs for improved physical/catalytic properties.