Nanosized zerovalent iron (NZVI) Fe@Fe3O4 with a core-shell structure derived from photocatalytic MeOH aqueous solution of dinitrosyl iron complex (DNIC) [(N3MDA)Fe(NO)2] (N3MDA = N,N-dimethyl-2-(((1-methyl-1H-imidazole-2-yl)methylene)amino)ethane-1-amine) (1-N3MDA), eosin Y, and triethylamine (TEA) is demonstrated. The NZVI Fe@Fe3O4 core shows a high percentage of zerovalent iron (Fe0 %) and is stabilized by a hydrophobic organic support formed through the photodegradation of eosin Y hybridized with the N3MDA ligand. In addition to its well-known reductive properties in wastewater treatment and groundwater remediation, NZVI demonstrates the ability to form heterostructures when it interacts with metal ions. In this research, Co2+ is employed as a model contaminant and reacted with NZVI Fe@Fe3O4 to result in the formation of a distinct Fe-Co heterostructure, cracked NZVI (CNZVI). The slight difference in the standard redox potentials between Fe2+ and Co2+, the magnetic properties of Co2+, and the absence of surface hydroxides of Fe@Fe3O4 enable NZVI to mildly reduce Co2+ and facilitate Co2+ penetration into the iron core. Taking advantage of the well-dispersed nature of CNZVI on an organic support, the reduction in particle size due to Co2+ penetration, and Fe-Co synergism, CNZVI is employed as a catalyst in the alkaline oxygen evolution reaction (OER). Remarkably, CNZVI exhibits a highly efficient OER performance, surpassing the benchmark IrO2 catalyst. These findings show the potential of using NZVI as a template for synthesizing highly efficient OER catalysts. Moreover, the study demonstrates the possibility of repurposing waste materials from water treatment as valuable resources for catalytic energy conversion, particularly in water oxidation processes.