Efficient large-scale hydrogen production from water splitting requires effective electrocatalysts. Research focuses on developing non-precious bi-functional catalysts for hydrogen and oxygen evolution reactions to enhance overall water electrolysis efficiency and reduce costs. Bimetallic oxides, particularly NiCo2O4, exhibit promising properties despite some limitations. Strategies like morphology control, doping techniques, and integration with carbon materials aim to enhance the electrocatalytic efficacy of these catalysts. Carbon materials, particularly nitrogen-doped ones, are crucial for improving conductivity, stability, and catalytic activity. Recent studies have highlighted the impact of structural modifications and compositional tuning on the performance of NiCo2O4, emphasizing the importance of nitrogen doping for enhancing catalytic activity and stability. Overall, the development of stable bifunctional electrocatalysts supported by nitrogen-doped carbon materials is a significant step towards efficient water splitting.