In recent years dye-sensitized solar cells (DSSCs) have emerged as one of the alternatives for the global energy crisis. DSSCs have achieved a certified efficiency of >11% by using the I(-) /I3 (-) redox couple. In order to commercialize the technology almost all components of the device have to be improved. Among the various components of DSSCs, the redox couple that regenerates the oxidized sensitizer plays a crucial role in achieving high efficiency and durability of the cell. However, the I(-) /I3 (-) redox couple has certain limitations such as the absorption of triiodide up to 430 nm and the volatile nature of iodine, which also corrodes the silver-based current collectors. These limitations are obstructing the commercialization of this technology. For this reason, one has to identify alternative redox couples. In this regard, the Co(II/III) redox couple is found to be the best alternative to the existing I(-) /I3 (-) redox couple. Recently, DSSC test cell efficiency has risen up to 13% by using the cobalt redox couple. This review emphasizes the recent development of Co(II/III) redox couples for DSSC applications.