The invention discloses a preparation method of a noble metal doped bimetallic phosphide catalyst for electrochemical complete water splitting. Wherein the precious metal is rhodium, and the bimetallic phosphide is ferrocobalt phosphide. According to the preparation method, cobalt nitrate hexahydrate, iron nitrate nonahydrate, rhodium trichloride and urea are selected as raw materials, an ethylene glycol-assisted hydrothermal method is used for obtaining a rhodium-doped ferrocobalt double hydroxide precursor, then the rhodium-doped ferrocobalt double hydroxide precursor and sodium hypophosphite are annealed in a nitrogen atmosphere, and the petal-shaped rhodium-doped ferrocobalt phosphide nanometer material is obtained. The material can reach the current density of 10mA. Cm <-2 > only by the overpotential of 76mV in HER under an acid reaction condition. In 1 M KOH, when the current density reaches 10 mA. Cm <-2 >, the overpotentials of HER and OER are 48 mV and 303 mV respectively. When the Rh-doped Co2Fe-P composite material is used as a bifunctional electrode for overall water decomposition, the Rh-doped Co2Fe-P composite material can reach the current density of 10mA. Cm <-2 > in 1M KOH by only needing the low battery voltage of 1.54 V, and the current density is kept stable for not less than 30 hours. Meanwhile, the preparation method is simple and easy, the cost is low, the performance can be comparable with that of a commercial noble metal catalyst, and the application prospect is good.