Is water oxidation catalyzed at the surface or within the bulk volume of solid oxide materials? This question is addressed for cobalt phosphate catalysts deposited on inert electrodes, namely crystallites of pakhomovskyite (Co3(PO4)2⋅8 H2O, Pak) and phosphate‐containing Co oxide (CoCat). X‐ray spectroscopy reveals that oxidizing potentials transform the crystalline Pak slowly (5–8 h) but completely into the amorphous CoCat. Electrochemical analysis supports high‐TOF surface activity in Pak, whereas its amorphization results in dominating volume activity of the thereby formed CoCat material. In the directly electrodeposited CoCat, volume catalysis prevails, but not at very low levels of the amorphous material, implying high‐TOF catalysis at surface sites. A complete picture of heterogeneous water oxidation requires insight in catalysis at the electrolyte‐exposed “outer surface”, within a hydrated, amorphous volume phase, and modes and kinetics of restructuring upon operation. The complete transformation during catalytic operation of crystalline and surface‐active Co3(PO4)2⋅8 H2O into amorphous and volume‐active cobalt oxide reveals basic features of heterogeneous water oxidation catalysis, which is discussed as a convolution of three phenomena: surface catalysis, volume catalysis, and restructuring of the material under operation.