Hydrogen is considered a good clean and renewable energy substitute for fossil fuels. The major obstacle facing hydrogen energy is its efficacy in meeting its commercial-scale demand. One of the most promising pathways for efficient hydrogen production is through water-splitting electrolysis. This requires the development of active, stable, and low-cost catalysts or electrocatalysts to achieve optimized electrocatalytic hydrogen production from water splitting. The objective of this review is to survey the activity, stability, and efficiency of various electrocatalysts involved in water splitting. The status quo of noble-metal- and non-noble-metal-based nano-electrocatalysts has been specifically discussed. Various composites and nanocomposite electrocatalysts that have significantly impacted electrocatalytic HERs have been discussed. New strategies and insights in exploring nanocomposite-based electrocatalysts and utilizing other new age nanomaterial options that will profoundly enhance the electrocatalytic activity and stability of HERs have been highlighted. Recommendations on future directions and deliberations for extrapolating information have been projected.