The state-of-the-art density functional theory approach was used to study the structural and electronic properties of pristine and defective MnPX3 monolayers as well as their activity toward water and hydrogen evolution reaction (HER) catalytic performance. The adsorption behavior of H2O on a pristine MnPX3 structure is of physisorption nature, whereas the adsorption energy is significantly increased for the defective structures. At the same time, the water dissociation process is more energetically favorable, and the reactivity of MnPX3 is determined by the vacancy configuration. Following Nørskov’s approach, the HER catalytic performance is evaluated by calculating the hydrogen adsorption free energy on the respective MnPX3 surface. Our calculation results demonstrate that defective 2D MnPX3 with low coordinated P shows significantly higher HER performance compared to the pristine counterpart.