In order to achieve efficient conversion and storage of sustainable energy, it is necessary to rationally design the best bifunctional electrocatalyst for low cost and high activity water decomposition. An improved self-supporting stainless steel mesh (SSM) electrocatalyst is obtained by the steps of corrosion, immersion and phosphating. The electrochemically modified stainless steel electrocatalyst exhibited excellent electrocatalytic performance for both HER and OER in alkaline medium, displaying Tafel slope of 87.41 and 90.1 mV dec^-1, respectively. At current density of 10 mA cm^-2, the electrochemically modified SSM electrocatalyst exhibited low overpotential of 164 and 240 mV, allowing it to be used as bifunctional electrocatalyst for overall water splitting with enhanced overall voltage of 1.66 V at10 mA cm^-2.