The invention discloses an ammonia borane or hydrazine hydrate catalytic hydrolysis hydrogen release system containing a nano-metal phosphide MxPy catalyst and an application of the catalytic hydrolysis hydrogen release system. The system comprises the nano-metal phosphide catalyst, ammonia borane or hydrazine hydrate, and water, wherein the nano-metal phosphide catalyst can be represented as MxPy, M is Fe, Co, Ni or Cu, x is larger than or equal to 1 and smaller than or equal to 20, and y is larger than or equal to 1 and smaller than or equal to 10. The nano-metal phosphide MxPy catalyst with the low cost is used for catalyzing hydrolysis of ammonia borane or hydrogen release of hydrazine hydrate, and the cost is low. The catalyst is stable and safe in property, the efficiency is high when the catalyst is applied to catalytic hydrogen release, raw materials required by preparation are cheap, and a preparation method is simple. The catalytic hydrogen release system adopts heterogeneous catalytic reactions, and recycling of the catalyst is facilitated.