Design of robust and noble metal free low-cost catalyst for hydrogen evolution reaction (HER) has high importance to decrease the use of fossil fuels. Design of different phases is indeed an important research to understand structure-catalysis relationship. The synthesis of monodispersed and hollow phase pure Ni5P4, Ni2P and Ni12P5 nanocrystals (NCs) by colloidal technique with variation of Ni:P source ratio has been achieved. The as-developed NCs were used as tri-functional catalyst for electrocatalytic hydrogen evolution both in acid and alkaline medium and for hydrogen production from amino-borane (AB) and sodium borohydride (NaBH4) hydrolysis. Ni2P phase was found to exhibit enhanced electrocatalytic activity towards HER in both acid and alkaline medium with low overpotential (126 mV and 180 mV at J= 10 mA/cm2 for acid and base respectively) compared to other phases. The catalysts were found to be stable upto 3000 cycles which proves its robustness. The charge transfer between Ni and P generates acid-base pairs in close vicinity within the crystal lattice, facilitating similar activity to hydrogenase, where negatively charged non-metal sites act as H+ acceptors and the metal sites act as hydride acceptors. The Turn over frequency (TOF) for H2 formation from AB hydrolysis was maximum for Ni12P5 phase with activation energy = 50.5 KJ/mol which is comparable with noble metal nanoparticles. For Aminoborane hydrolysis, Ni12P5 and Ni5P4 both the NCs performed better than Ni2P for higher charge separation between Ni and P, particularly in Ni12P5 phase. Moreover, catalytic activity for NaBH4 hydrolysis to generate H2 is first time studied by as-synthesized catalysts. The study proves Ni12P5 NCs should be the best choice for NaBH4 catalysis. High charge separation between Ni and P was observed for Ni12P5 and Ni5P4 system which results lower activation energy compared to Ni2P for both AB and NaBH4 catalysis.