<p>Global transition to renewable energy (RE) sources is imperative for achieving long-term sustainability and mitigating the adverse effects of fossil fuel dependence. This study critically examines strategies for efficient utilization of RE sources, with particular emphasis on the electrochemical splitting of water for hydrogen (H₂) and oxygen (O₂) production. Key challenges associated with conventional energy systems are outlined, followed by an overview of diverse RE sources, including their benefits and limitations. A central focus is placed on electrochemical processes, namely, the hydrogen evolution reaction (HER) and the oxygen evolution reaction (OER) which are integral to water splitting. Practical applications of H₂ and O₂ in sustainable energy systems are discussed to underscore their real-world relevance. Furthermore, this work identifies existing gaps in the literature and positions the current research within broader scientific discourse. By providing a comprehensive review and targeted insights into the roles of NiO, CuO, and transition metal–based composites, this study lays a robust foundation for advancing cost-effective and efficient water splitting technologies. Current challenges, including cost, scalability, and long-term stability, are systematically discussed, and key research gaps are identified. By consolidating mechanistic insights and performance trends, this review offers targeted guidance for the development of cost-effective and high-efficiency water splitting catalysts. Unlike existing reviews that broadly summarize transition metal oxide electrocatalysts, this review provides a comparative and failure-oriented analysis of NiO- and CuO-based systems, highlighting when they outperform competing catalysts, when they fail, and why these behaviors emerge under different electrolysis conditions.</p>