Limited by the development of energy storage technology, the utilization ratio of renewable energy is still at a low level. Lithium/sodium ion batteries (LIBs/SIBs) with high-performance electrochemical performances, such as large-scale energy storage, low costs and high security, are expected to improve the above situation. Currently, developing anode materials with better electrochemical performances is the main obstacle to the development of LIBs/SIBs. Recently, a variety of studies have focused on cobalt-based anode materials applied for LIBs/SIBs, owing to their high theoretical specific capacity. This review systematically summarizes the recent status of cobalt-based anode materials in LIBs/SIBs, including Li+/Na+ storage mechanisms, preparation methods, applications and strategies to improve the electrochemical performance of cobalt-based anode materials. Furthermore, the current challenges and prospects are also discussed in this review. Benefitting from these results, cobalt-based materials can be the next-generation anode for LIBs/SIBs.