Design and construction of low‐cost electrocatalysts with high catalytic activity and long‐term stability is a challenging task in the field of catalysis. Metal‐organic frameworks (MOF) are promising candidates as precursor materials in the development of highly efficient electrocatalysts for energy conversion and storage applications. This review starts with a summary of basic concepts and key evaluation parameters involved in the electrochemical water‐splitting reaction. Then, different synthesis approaches reported for the cobalt‐based Zeolitic imidazolate framework (ZIF‐67) and its derivatives are critically reviewed. Additionally, several strategies employed to enhance the electrocatalytic activity and stability of ZIF‐67‐based electrocatalysts are discussed in detail. The present review provides a succinct insight into the ZIF‐67 and its derivatives (oxides, hydroxides, sulfides, selenides, phosphide, nitrides, telluride, heteroatom/metal‐doped carbon, noble metal‐supported ZIF‐67 derivatives) reported for oxygen evolution reaction (OER), hydrogen evolution reaction (HER), and overall water splitting applications. Finally, this review concludes with the associated challenges and the perspectives on developing the best economic, durable electrocatalytic materials. MOF‐derived electrocatalysts/electrodes have excellent prospects in energy storage and conversion systems. This paper presents an in‐depth review of the application of ZIF‐67‐derived electrocatalysts for OER, HER, and overall water splitting, highlighting experimental and computational results demonstrated in the literature. Recent progress in synthesis routes and strategies used to enhance the electrocatalytic activity of ZIF‐67 derived electrocatalysts is explicitly discussed.