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The development of high-performance and cost-effective earth-abundant transition metal-based electrocatalysts is of major interest for several key energy technologies, including water splitting. Herein, we report the synthesis of ultrathin CoMoP nanosheets through a simple ion etching and phosphorization method. The obtained catalyst exhibits outstanding electrocatalytic activity and stability towards oxygen and hydrogen evolution reactions (OER and HER), with overpotentials down to 273 and 89 mV at 10 mA cm⁻², respectively. The produced CoMoP nanosheets are also characterized by very small Tafel slopes, 54.9 and 69.7 mV dec⁻¹ for OER and HER, respectively. When used as both cathode and anode electrocatalyst in the overall water splitting reaction, CoMoP-based cells require just 1.56 V to reach 10 mA cm⁻² in alkaline media. This outstanding performance is attributed to the proper composition, weak crystallinity and two-dimensional nanosheet structure of the electrocatalyst.