Rational design of multicomponent material structures with strong interfacial interactions enabling enhanced electrocatalysis represents an attractive but underdeveloped paradigm for creating better catalysts for important electrochemical energy conversion reactions. In this work, we report metal-phosphide core-shell nanostructures as a new model electrocatalyst material system where the surface electronic states of the shell phosphide and its interactions with reaction intermediates can be effectively influenced by the core metal to achieve higher catalytic activity. The strategy is demonstrated by the design and synthesis of iron-iron phosphide (Fe@FeP) core-shell nanoparticles on carbon nanotubes (CNTs) where we find that the electronic interactions between the metal and the phosphide components increase the binding strength of hydrogen adatoms toward the optimum. As a consequence, the Fe@FeP/CNT material exhibits exceptional catalytic activity for the hydrogen evolution reaction, only requiring overpotentials of 53-110 mV to reach catalytic current densities of 10-100 mA cm-2