Development of efficient, low cost and multifunctional electrocatalysts towards water splitting to harvest hydrogen fuels is a challenging task, but the combination of carbon materials with 2 transition metal-based compounds is providing unique and attractive strategy. Herein, composite systems based on cobalt ferrite oxide (Co2FeO4) @reduced graphene oxide (rGO) using simultaneous hydrothermal and chemical reduction method have been prepared. The proposed study eliminates one step of conversion of GO into rGO and it uses direct GO during the synthesis of cobalt ferrite oxide, consequently rGO based hybrid system is achieved with less labor and economy. The optimized composite has revealed an outstanding multifunctional application towards water splitting reactions such as oxygen reduction reaction (ORR), oxygen evolution reaction (OER) and hydrogen evolution reaction (HER). Various metal oxidation states and oxygen vacancies at the surface of Co2FeO4@rGO composites guided the multifunctional surface properties. The optimized Co2FeO4@ rGO composite presents excellent multifunctional properties with onset potential of 0.60 V for ORR, and an overpotential of 240 mV and 320 mV at a 20 mAcm-2 for OER and HER respectively. The outstanding multifunctionalities of the optimized Co2FeO4@ rGO composite are associated to high electrical conductivity, high density of active sites, crystal defects, oxygen vacancies, and favorable electronic structure with the substitution of Fe for Co atoms in binary spinel oxide phase. These surface features synergistically uplifted the electrocatalytic properties of Co2FeO4@rGO composites. The multifunctional properties of the Co2FeO4@ rGO composite could be of high interest for its use in wide range of applications in sustainable and renewable energy fields.