There is a growing demand for new heterogeneous catalysts for cost-effective catalysis. Currently, the hysteresis phenomenon during low-temperature CO oxidation is an important topic in heterogeneous catalysis. Hysteresis provides important information about fluctuating reaction conditions that affect the regeneration of active sites and indicate the restoration of catalyst activity. Understanding its dynamic behavior, such as hysteresis and self-sustained kinetic oscillations, during CO oxidation, is crucial for the development of cost-effective, stable and long-lasting catalysts. Hysteresis during CO oxidation has a direct influence on many industrial processes and its understanding can be beneficial to a broad range of applications, including long-life CO2 lasers, gas masks, catalytic converters, sensors, indoor air quality, etc. This review considers the most recent reported advancements in the field of hysteresis behavior during CO oxidation which shed light on the origin of this phenomenon and the parameters that influence the type, shape, and width of the conversion of the hysteresis curves.