The invention belongs to the field of electrode materials, and particularly relates to a phosphorus-doped nickel cobaltate/foam nickel electrode, a preparation method and applications thereof. The preparation method comprises: sequentially carrying out cutting treatment, ultrasonic cleaning treatment and drying treatment on foam nickel so as to be spare; dissolving Co(NO3)2.6H2O, Ni(NO3)2.6H2O andurea in deionized water, and uniformly stirring to obtain a hydrothermal solution; inserting the foam nickel into a polytetrafluoroethylene mold base, wherein the foam nickel is maintained in a vertical state; maintaining the 120 DEG C for 5-8 h, cooling to a room temperature, washing, drying, calcining, and cooling to a room temperature to obtain a nickel cobaltate/foam nickel electrode; and placing the nickel cobaltate/foam nickel electrode and NaH2PO2.2H2O in a quartz boat, placing the quartz boat in a tubular furnace, and phosphating to obtain the phosphorus-doped nickel cobaltate/foam nickel electrode. According to the present invention, the obtained phosphorus-doped nickel cobaltate/foam nickel electrode can be used as the cathode for hydrogen evolution in water electrolysis, can further be used as the anode for oxygen evolution, is a dual-function electrode, and has good economy and environmental protection.