Nowadays, there is a great demand for low-cost and highly active electrocatalyst for the production of clean renewable energy. However, most of the electrocatalysts are noble metal-based which are very costly and unstable. To counter this, electrochemical water splitting in energy storage systems is been widely applied, using non-noble metal-based nanostructured electrocatalysts. In this work, a novel noble metal-free MoSe2–Ni(OH)2 nanocomposite electrocatalyst is synthesized using a multi-step hydrothermal technique for efficient hydrogen evolution reaction (HER). The morphology, structural, chemical composition, and functional features of the synthesized nanomaterials were characterized using different techniques that include scanning electron microscopy (SEM), transmission electron microscopy (TEM), X-ray diffraction analysis (XRD), X-ray photoelectron spectroscopy (XPS), and Raman analysis. The new developed MoSe2–Ni(OH)2 nanocomposite combines a high active surface area with a high chemical stability, generating a novel material with a synergistic effect that enhances water splitting process performance. Thus, an outstanding low Tafel slope of 54 mV dec−1 is accomplished in the hydrogen evolution reaction.