A method for preparing a bifunctional electrocatalyst is provided, which comprises: adding a nickel source compound and a ferric iron source compound into a solvent of ethanol; adding a urea into the obtained solution to give a mixture; drying the mixture; grinding the dried mixture into homogeneous powders and then subjecting the homogeneous powders to a heating process under inert atmosphere. The bifunctional electrocatalyst could simultaneously promote HER and OER processes in alkaline solution.
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