Oxide materials have been widely investigated for use as absorber layers in high‐performance solar cells, and in this study combinatorial methods were used to specifically investigate cobalt–iron (Co–Fe) oxide composites. Structural inversion of Co–Fe oxides from a normal to an inverse spinel structure occurs at the critical composition of approximately 33 % Fe added to Co, causing changes in the crystallinity, symmetry, sub‐lattice vibrational modes, optical bandgap, and electrical resistivity. When used as an absorber layer in all‐oxide solar cells with the multi‐layered geometry of glass|FTO|TiO2|Co–Fe–O|Au, enhanced photovoltaic performance was observed, with a maximum Voc of 534 mV at a composition of approximately 45 % Fe and a 200 % improvement in Pmax compared to cobalt‐rich devices. Using combinatorial data maps of the various material properties, a significant correlation between the solar cell properties and the chemical composition of the Co–Fe–O layer was revealed. This correlation allows for a better understanding of the Co–Fe–O system, which is a necessary step towards the development of Co–Fe–O‐based all‐oxide solar cells.