ABSTRACT Adjusting the d ‐band center of catalysts through heterojunction construction represents an effective approach for enhancing the catalytic activity. Nevertheless, the precise modulation pathways of d ‐band centers still require systematic elucidation. In this work, a Ni 3 Mo/Ni 3 N junction is constructed to investigate d ‐band engineering, and a d ‐band mismatch mechanism has been proposed for the first time to elucidate the synergistic effect between Ni 3 Mo and Ni 3 N for improved HER and OER. Specifically, the dissociation of H 2 O can be achieved on the Ni 3 Mo surface while the adjacent Ni 3 N sites catalyze the subsequent evolution reactions. Remarkably, the Ni 3 Mo–Ni 3 N/NF achieves ultra‐low overpotentials of 15 mV (HER) and 155 mV (OER) at 10 mA cm −2 , and just 228 mV (HER) and 459 mV (OER) at 1 A cm −2 . Most strikingly, the HER performance of Ni 3 Mo–Ni 3 N/NF is superior to that of the Pt/C catalyst across all current densities, marking it as a standout among the NiMo‐based catalysts documented so far. Additionally, the Ni 3 Mo–Ni 3 N/NF demonstrates outstanding performance in an anion exchange membrane water electrolyzer (AEMWE), delivering the current density of 4 A cm −2 at a mere 2.12 V while maintaining stable operation for 1000 h at 1 A cm −2 , showing great potential for practical applications.