Sp3‐hybridized carbons‐rich molecules play a crucial role in drug discovery. Cobalt‐catalyzed hydroalkylation of alkenes and alkynes is an efficient method to synthesize these compounds. These reactions exhibit a wide range of applicability and high tolerance for functional groups, utilizing readily available alkenes and alkynes instead of hyperactive metallic reagents. Herein, we summarize the advancements of cobalt‐catalyzed hydroalkylation of alkenes and alkynes, according to different reaction mechanisms. We present a detailed discussion of the scope and limitations, plausible mechanisms and the opportunities for further development.