The rational construction of photocatalysts possesses tremendous potential to solve the energy crisis and environmental pollution; however, designing a catalyst for solar-driven overall water-splitting remains a great challenge. Herein, we propose a new MoS2-based photocatalyst (Co-P@MoS2), which skillfully uses the cobalt (Co) atom to stimulate in-plane S atoms and employs the phosphorus (P) atom to stabilize the basal plane by forming the Co-P bands. Using density functional theory (DFT), it was found that oxygen evolution reaction (OER) and hydrogen evolution reaction (HER) can occur at the P site and S2 site of the Co-P@MoS2, respectively, and the dual-active sites successfully makes a delicate balance between the adsorption and dissociation of hydrogen. Furthermore, the improved overall water-splitting performance of Co-P@MoS2 was verified by analyzing the results of the electron structure and the dynamics of photogenerated carries. It was found that the imbalance of electron transfer caused by the introduction of the Co atom was the main contributor to the catalytic activity of Co-P@MoS2. Our study broadens the idea of developing photocatalysts for the overall water-splitting.