Sustainable hydrogen production is a necessary prerequisite for the realization of the hydrogen economy. In recent years, transition metal functionalized heteroatom-doped carbon nanocomposites, have attracted a lot of attention from researchers because of their advantages in the field of electrocatalysis. Among them, boron (B) and nitrogen (N) heteroatom co-doped nanocomposites show great advantages over other heteroatom-doped or undoped carbon nanocomposites in the catalysis of hydrogen production by splitting water. This review focuses on the design, preparation, and strategies to improve the catalytic performance of transition metal functionalized B, N heteroatom-doped carbon nanocomposites for hydrogen production by splitting water in recent years. The wide range of applications of these specially structured nanomaterials as potential electrocatalysts is considered. Finally, an outlook on the development of B, N-doped carbon nanocomposite electrocatalysts is provided.