In recent years, the rapid growth in renewable energy applications has created a significant demand for efficient energy storage solutions on a large scale. Among the various options, rechargeable zinc‐air batteries (ZABs) have emerged as an appealing choice in green energy storage technology due to their higher energy density, sustainability, and cost‐effectiveness. Regarding this fact, a spotlight is shaded on air electrode for constructing high‐performance ZABs. Cobalt oxide‐based electrocatalysts on the air electrode have gained significant attention due to their extraordinary features. Particularly, exploration and integration of bifunctional behavior for energy storage has remarkably promoted both ORR and OER to facilitate the overall performance of the battery. The plot of this review is forwarded towards in‐depth analysis of the latest advancements in electrocatalysts that are based on cobalt oxide and possess bifunctional properties along with an introduction of the fundamental aspects of ZABs, Additionally, the topic entails an examination of the morphological variations and mechanistic details mentioning about the synthesis processes. Finally, a direction is provided for future research endeavors through addressing the challenges and prospects in the advancement of next‐generation bifunctional electrocatalysts to empower high‐performing ZABs with bifunctional cobalt oxide.