Ammonia borane (AB) holds great promise for chemical hydrogen storage, but its slow dehydrogenation kinetics under ambient conditions requires a suitable catalyst to facilitate hydrogen production from AB. Here, we fabricated binary red phosphorus/graphitic carbon nitride (RP/g-CN) heterojunctions decorated with Pt nanoparticles (NPs, denoted Pt/RP/g-CN) with a facile ultrasound-assisted two-step protocol as a photo-assisted catalyst for the hydrolysis of AB (HAB). The heterojunction established through intimate P-O-N bonds was proven to have improved photophysical properties such as a lower electron-hole recombination and enhanced visible light utilization compared to the pristine components. With the incorporation of Pt NPs, the optical properties of RP/g-CN heterojunctions were further improved through Schottky junction formation between semiconductors and Pt NPs, enabling a superb hydrogen gas (H) generation rate of 142 mol H·mol Pt·min under visible light irradiation. Even though g-CN is a well-known host material for many metal NPs, here we discovered that the interaction of Pt NPs with RP in the ternary heterojunction structure is more favorable than that of g-CN, stressing the key role of RP as a support material in the designed ternary heterostructure. The band alignment of the ternary heterojunction catalyst along with the flow of charge carriers was also studied and shown to be a type-II heterojunction structure without hole migration, namely, a complex type-II heterojunction. Several scavenger experiments were also conducted to explain the mechanism of the photo-assisted HAB. To the best of our knowledge, this is the first example of a dual mechanism proposed for the visible light-assisted HAB. While the majority of the H was believed to be produced on the Pt NPs surface with the traditional B-N bond dissociation mechanism, the strong oxidizing action of OH radicals formed by the heterojunction photocatalyst was also speculated to account for the 33% increase in the activity upon visible light irradiation through another mechanism.