Industrial implementation of the heterogeneously catalyzed CO hydrogenation to higher alcohols is highly desired, but deeper insights into the reaction mechanisms and active sites are still needed. This review summarizes the established and well‐investigated cobalt‐based catalysts and the mechanisms resulting in oxygenate formation. Recently, a cobalt‐based system derived from Mn‐Co‐based Prussian blue analogs by pyrolysis has shown great potential for higher‐alcohol synthesis. In addition to the heterogeneously catalyzed reaction pathways involved in Fischer‐Tropsch synthesis and methanol synthesis, the homogeneously catalyzed reaction pathways like reductive olefin hydroformylation and reductive primary alcohol carbonylation were found to play a key role.