Pursuing oxygen evolution reaction (OER) catalysts with high activity and stability is attracting many researchers. Here, we first designed and synthesized a biphasic three-dimensional structured catalyst of nickel–cobalt sulfide NiCo2S4-NiS2/CFP, which is a nickel–cobalt sulfide composite decorated on carbon fiber paper (CFP) by a one-step hydrothermal method. It exhibited an overpotential of about 165 mV at a current density of 10 mA cm−2 and a small Tafel slope of 81.54 mV dec−1. Furthermore, the long-term stability of the NiCo2S4-NiS2/CFP nanocomposite was 90.0% of the initial current density even after 12 h. The excellent catalytic performance of the NiCo2S4-NiS2/CFP nanocomposite can be attributed to several aspects. Firstly, the petal-like morphology of the NiCo2S4-NiS2 nanocomposite exposes more active sites. Secondly, the stability of the composite catalyst is significantly enhanced by its firm anchoring on the CFP. Thirdly, the catalytic performance was significantly improved by the addition of mixed valence of Ni or Co on the {111} plane of spinel NiCo2S4. Finally, the three-dimensional CFP substrate provides an efficient pathway and a stable integrated structure for the transmission of electrons and ions. Our one-step hydrothermal synthesis method provides a simple and economical way to obtain high-performance and robust OER catalysts.