The production of green hydrogen can be sustainably achieved through electrolysis using energy from renewable sources. However, the high overpotential of the oxygen evolution reaction (OER) necessitates the development of a cost-effective, active, and stable electrocatalyst. This review explores the synthesis of nickel-cobalt chalcogenide catalysts and their performance as an accessible, inexpensive catalyst for OER, along with possible applications and modifications to improve its electrocatalytic activity. Transition metal chalcogenides have the property to exist in different oxidation states, which provides the basis for its electrocatalytic activity. The catalyst morphology, structure, composition, and interface are discussed to shed light on the observed electrocatalytic activity toward OER. The review also explores the advantages of various carbon-based substrates and their impact on the electrical conductivity and stability of nickel-cobalt chalcogenides. The practical applications in the energy industry can be realized by addressing various challenges, more importantly, the catalyst degradation and high overpotential in the anode.