The utilization of a single‐atom catalyst to break C‐C bonds merges the merits of homogeneous and heterogeneous catalysis and presents an intriguing pathway for obtaining high‐value‐added products. Herein, a mild, selective, and sustainable oxidative cleavage of alkene to form oxime ether or nitrile was achieved by using atomically dispersed cobalt catalyst and hydroxylamine. Diversified substrate patterns, including symmetrical and unsymmetrical alkenes, di‐ and tri‐substituted alkenes, and late‐stage functionalization of complex alkenes were demonstrated. The reaction was successfully scaled up and demonstrated good performance in recycling experiments. The hot filtration test, catalyst poisoning and radical scavenger experiment, time kinetics, and studies on the reaction intermediate collectively pointed to a radical mechanism with cobalt/acid/O2 promoted C‐C bond cleavage as the key step.