Exploring highly efficient multifunctional electrocatalysts for the HER, OER, and ORR is of great significance. In this work, transition metal atoms anchored on VS2 monolayer (TM@VS2) as single-atom catalysts were systematically investigated for their HER, OER, and ORR performance through first-principles calculations. The results indicate that all TM@VS2 show high thermal stability and excellent electrical conductivity. Pt@VS2 and Au@VS2 are predicted to be the promising HER/OER bifunctional electrocatalysts for overall water-splitting with lower overpotentials of −0.07/0.59 V and − 0.07/0.62 V, respectively, and Ni@VS2, Pd@VS2 and Au@VS2 are potential OER/ORR bifunctional electrocatalysts for metal-air batteries with ultralow overpotentials of 0.26/0.33 V, 0.34/0.28 V and 0.62/0.41 V, respectively. In addition, Au@VS2 is a promising trifunctional electrocatalyst for the HER/OER/ORR with relatively low overpotentials of −0.07/0.62/0.41 V. The electronic origin of the enhanced HER/OER/ORR activity of TM@VS2 catalysts can be well understood by the amendatory d-band center model.