The oxygen vacancies of defective iron–cobalt oxide (FeCoOx‐Vo) nanosheets are modified by the homogeneously distributed sulfur (S) atoms. S atoms can not only effectively stabilize oxygen vacancies (Vo), but also form the Co−S coordination with Co active site in the Vo, which can modulate the electronic structure of the active site, enabling FeCoOx‐Vo‐S to exhibit much superior OER activity. FeCoOx‐Vo‐S exhibits a mass activity of 2440.0 A g−1 at 1.5 V vs. RHE in 1.0 m KOH, 25.4 times higher than that of RuO2. The Tafel slope is as low as 21.0 mV dec−1, indicative of its excellent charge transfer rate. When FeCoOx‐Vo‐S (anode catalyst) is paired with the defective CoP3/Ni2P (cathode catalyst) for overall water splitting, current densities of as high as 249.0 mA cm−2 and 406.0 mA cm−2 at a cell voltage of 2.0 V and 2.3 V, respectively, can be achieved.