Water electrolysis is among the recent alternatives for generating clean fuels (hydrogen). It is an efficient way to produce pure hydrogen at a rapid pace with no unwanted by-products. Effective and cheap water-splitting electrocatalysts with enhanced activity, specificity, and stability are currently widely studied. In this regard, noble metal-free transition metal-based catalysts are of high interest. Iron sulfide (FeS) is one of the essential electrocatalysts for water splitting because of its unique structural and electrochemical features. This article discusses the significance of FeS and its nanocomposites as efficient electrocatalysts for oxygen evolution reaction (OER), hydrogen evolution reaction (HER), oxygen reduction reaction (ORR), and overall water splitting. FeS and its nanocomposites have been studied also for energy storage in the form of electrode materials in supercapacitors and lithium- (LIBs) and sodium-ion batteries (SIBs). The structural and electrochemical characteristics of FeS and its nanocomposites, as well as the synthesis processes, are discussed in this work. This discussion correlates these features with the requirements for electrocatalysts in overall water splitting and its associated reactions. As a result, this study provides a road map for researchers seeking economically viable, environmentally friendly, and efficient electrochemical materials in the fields of green energy production and storage.