Developing a bifunctional oxygen electrocatalyst is crucial to improve the reversibility and cycle life of a rechargeable zinc-air battery (RZAB). Here, transition metal phosphides (TMPs) with a leaf-like hierarchical structure and multiphase composition can be synthesized by the "alloying-dealloying-phosphating" strategy. The as-prepared P-NiCo(1:1) electrode takes advantage of its internal dense nanoholes and synergistic effects induced by NiCoP-containing polyphase to reveal multifunctional catalysis, such as OER and ORR. In combination of these advantages, P-NiCo(1:1) exhibits an extremely low OER overpotential of 220 mV at 10 mA cm-2, a higher half-wave potential of 0.79 V for ORR, and a smaller potential difference (ΔE) of 0.66 V. The liquid RZAB with P-NiCo(1:1) as a cathodic bifunctional catalyst delivers a higher open-circuit voltage (OCV), a larger power density of 175 mW cm-2, and longer cycling life for more than 180 h. Even when applied in solid-state flexible RZABs, the lightweight module could start high-power devices. With theoretical confirmation, the major phase NiCoP of P-NiCo(1:1) is helpful to increase the density of states, regulate the d-band center, and decrease the energy barrier to 2.13 eV, which are significantly superior to those of Co2P and Ni2P. It is believable that the synthetic strategy and activity-promoting mechanism acquired from this research can offer a guide to designing a promising rechargeable zinc-air battery system.