A novel core-shell structured Ni12P5/Ni3(PO4)2 hollow spheres was successfully fabricated. The Ni12P5/Ni3(PO4)2 hollow spheres exhibited excellent electrochemical performance as bifunctional electrocatalyst material for HER and OER. The Ni12P5/Ni3(PO4)2 hollow spheres generates a current density of 357.6 mA cm−2 at 1.8 V and stable at 300 mA cm−2 for at least 100 h. The potential catalytic degradation mechanism has been systematically studied and discussed.