Due to a wide band gap and large exciton binding energy, zinc oxide (ZnO) is currently receiving much attention in various areas, and can be prepared in various forms including nanorods, nanowires, nanoflowers, and so on. The reliability of ZnO produced by a single dopant is unstable, which in turn promotes the development of co-doping techniques. Co-doping is a very promising technique to effectively modulate the optical, electrical, magnetic, and photocatalytic properties of ZnO, as well as the ability to form various structures. In this paper, the important advances in co-doped ZnO nanomaterials are summarized, as well as the preparation of co-doped ZnO nanomaterials by using different methods, including hydrothermal, solvothermal, sol-gel, and acoustic chemistry. In addition, the wide range of applications of co-doped ZnO nanomaterials in photocatalysis, solar cells, gas sensors, and biomedicine are discussed. Finally, the challenges and future prospects in the field of co-doped ZnO nanomaterials are also elucidated.