Heterogenous electrocatalysts based on transition metal sulfides (TMS) are being actively explored in renewable energy research because nanostructured forms support high intrinsic activities for both the hydrogen evolution reaction (HER) and oxygen evolution reaction (OER). Herein, it is described how researchers are working to improve the performance of TMS-based materials by manipulating their internal and external nanoarchitectures. A general introduction to the water-splitting reaction is initially provided to explain the most important parameters in accessing the catalytic performance of nanomaterials catalysts. Later, the general synthetic methods used to prepare TMS-based materials are explained in order to delve into the various strategies being used to achieve higher electrocatalytic performance in the HER. Complementary strategies can be used to increase the OER performance of TMS, resulting in bifunctional water-splitting electrocatalysts for both the HER and the OER. Finally, the current challenges and future opportunities of TMS materials in the context of water splitting are summarized. The aim herein is to provide insights gathered in the process of studying TMS, and describe valuable guidelines for engineering other kinds of nanomaterial catalysts for energy conversion and storage technologies.