The present work highlights fabrication of nanostructured nickel-substituted cobalt carbonate hydroxide hydrates (NCCHH) through one-step reflux method. It is noted that optimized 30 mol% nickel-substituted cobalt carbonate hydroxide hydrate (NCCHH-30) nanostructures show quite high specific surface area (∼229.55 m2 g−1) owing to the formation of hierarchically hollow interconnected ring-type morphology facilitating the electrode-electrolyte interfacial interaction. As a result, NCCHH-30 showed significant amplification in electrocatalytic oxygen evolution reaction (OER) activity with ultralow overpotential (∼141 mV @ 10 mA cm−2), Tafel slope (∼49 mV dec−1), and excellent durability (12 h and 2000 cycles) in 1.0 M KOH. Notably, to the best of our knowledge, interconnected NCCHH-30 hierarchical hollow rings exhibited the best overpotential (η100 ∼198 mV) value reported for cobalt-based electrocatalysts in alkaline OER. In addition, this material exhibited exceptionally high oxygen evolution performance in comparison to the state-of-the-art commercial RuO2 electrocatalyst in 1.0 M KOH. Such interconnected hierarchically hollow nickel (30 mol%)-substituted cobalt carbonate hydroxide hydrate nanostructured rings could act as an ultraefficient, cost-effective, and stable electrocatalyst for OER in alkaline medium.