The high cost and low reserves of noble metals greatly hinder their practical applications in new energy production and conversion. The exploration of cost-effective alternative electrocatalysts with the ability to drive hydrogen evolution reaction (HER) and oxygen evolution reaction (OER) is extremely significant to promote overall water splitting. Herein, ultrathin CoSe2/CNTs nanocomposites have been synthesized by a facile two-step method, where the ultrathin Co-MOF (metal organic-framework) decorated with cable-like carbon nanotubes (CNTs) (Co-MOF/CNTs) was initially fabricated, and followed a low-temperature selenization process. The ultrathin CoSe2 nanosheets as well as the superior conductivity of CNTs synergistically resulted in abundant active sites and enhanced conductivity to boost the electrocatalytic activity. The as-prepared CoSe2/CNTs electrocatalysts exhibited an overpotential of 190 mV and 300 mV vs. reversible hydrogen electrode (RHE) at a current density of 10 mA/cm2 for the HER and OER in alkaline solution, respectively, and demonstrated superior durability. Furthermore, the as-prepared bifunctional CoSe2/CNTs electrocatalysts can act as cathode and anode in an electrolyzer, showing a cell voltage of 1.75 V at 10 mA/cm2 for overall water splitting.