Carbon monoxide (CO) is a primary air pollutant and a poisonous species for human beings, animals, and some catalytic reactions. Meanwhile, CO is also a versatile feedstock in the chemical industry to produce high‐value chemicals and clean fuels, which has stimulated extensive research interests in exploiting efficient CO conversion processes. Redox potential is a key thermodynamic quantity in these processes whereas only standard reduction potentials at 25°C and 1 atm are currently available. Herein, it is the first time to report the effects of temperature (0–1000°C), pressure (1–100 atm), and adsorption on the redox potentials of 18 CO conversion reactions to form carbon dioxide, methane, straight‐chain alkanes (ethane, propane, and butane), light olefins (ethylene, propylene, and butylene), benzene, alcohols, aldehydes, acids, and dimethyl ether, based on theoretical calculations. It was noticed that gas‐phase, aqueous‐phase, and adsorption‐state redox potentials decrease with increasing temperature at an increased rate while they show different responses to pressure change. Namely, gas‐phase and most aqueous‐phase redox potentials increase with pressure at a gradually declined rate, while adsorption‐state redox potentials are not influenced by pressure. Most importantly, the significant differences up to 2.06 V under varied conditions highlight the necessity of applying operando redox potentials for CO conversion reactions.