Single or few-layered nanomaterials emerge as a promising candidate for both the hydrogen evolution reaction (HER) and lithium-ion storage applications due to their unique structural and electronic properties. In this study, we investigate the synthesis, characterization, and electrochemical performance of PdPSe nanomaterials. Utilizing ultrasonication in an organic solvent, we prepared single or few-layered PdPSe and comprehensively characterized them using various spectroscopic and microscopic techniques to elucidate their structural, morphological, and compositional features. Electrochemical studies demonstrate the superior HER activity of PdPSe, attributed to its high surface area, electronic conductivity, and synergistic interactions between palladium, phosphorus, and selenium. To achieve 10 mAcm-2 current density, a few layers PdPSe need 220 mV, and the Tafel slope at 73.8 mV dec-1 reveals the HER mechanism. Additionally, we explore the potential of PdPSe as an electrode material for lithium-ion batteries, revealing its promising performance in terms of capacity (280 mAhg-1) and cycling stability. Our findings highlight the multifunctional nature of single or few-layered PdPSe nanomaterials and their potential as versatile candidates for both hydrogen evolution and lithium-ion storage applications.