In order to establish the formation patterns of the Co–Mg oxide system, samples with different Co:Mg ratios and heat treatment temperatures were synthesized and studied. A study of the samples confirmed the phase transition of MgxCo2–xO4 spinels into the corresponding solid solutions at 800–900 °C. The similarity of the formation patterns for different compositions is shown. The rocksalt oxide in low-temperature samples is an anion-modified paracrystalline phase that forms a “true” solid solution only upon spinel decomposition. The TPR profiles of the decomposed Co3O4 spinel show surface Co3O4 peaks and a wide peak corresponding to the well-crystallized CoO, while partial Co3O4 TPR up to 380 °C results in dispersed and amorphous CoO. The high-temperature non-stoichiometric samples are poorly reduced, indicating their low oxygen reactivity. Spinel reoxidation after heat treatment to 1100 °C by calcination at 750 °C showed complete regeneration for MgCo2O4–Co3O4 samples and its absence in case of an excess of MgO relative to stoichiometry.