The inexpensive and highly efficient electrocatalysts toward oxygen evolution reaction (OER) in water splitting electrolysis have displayed promising practical applications to relieve energy crisis. Herein, we prepared a high-yield and structurally regulated bimetallic cobalt-iron phosphide electrocatalyst by a facile one-pot hydrothermal reaction and subsequent low-temperature phosphating treatment. The tailoring of nanoscale morphology was achieved by varying the input ratio and phosphating temperature. Thus, an optimized FeP/CoP-1-350 sample with the ultra-thin nanosheets assembled into a nanoflower-like structure was obtained. FeP/CoP-1-350 heterostructure displayed remarkable activity toward the OER with a low overpotential of 276 mV at a current density of 10 mA cm−2, and a low Tafel slope of only 37.71 mV dec−1. Long-lasting durability and stability were maintained with the current with almost no obvious fluctuation. The enhanced OER activity was attributed to the presence of copious active sites from the ultra-thin nanosheets, the interface between CoP and FeP components, and the synergistic effect of Fe–Co elements in the FeP/CoP heterostructure. This study provides a feasible strategy to fabricate highly efficient and cost-effective bimetallic phosphide electrocatalysts.