Rotating detonation experiments were conducted using CH4/CO/H2 (methane/carbon monoxide/hydrogen) mixtures with varying CO contents, the modes of rotating detonation wave (RDW) propagation in the mixtures were analyzed, and the impact of CO content on the propagation characteristics of the RDW in the gas mixture was compared. Three propagation modes of RDW were observed: sawtooth wave mode, mixed mode, and single wave mode. An increase in the CO content resulted in an upward shift in the range of working equivalence ratios for different gas mixtures. Additionally, the propagation modes of the same gas mixture change with increased fuel flow rate. When the equivalence ratio is below 1.13, it is observed that the gas mixture with the lowest CO content exhibits the highest RDW velocity and the shortest time required to establish RDW. This was attributed to the higher content of oxygen-containing functional groups, such as OH (hydroxyl), HO2 (peroxyhydroxyl), and O (oxygen atom), which were present under lean combustion conditions, along with the highest mass content of H2 in the gas mixture with the lowest CO content. Conversely, for equivalence ratios above 1.13, it is observed that the gas mixture with the highest CO content exhibits the highest propagation velocity and the shortest time required to establish RDW. This was attributed to the lowest mass content of CH4 and H2 in the gas mixture with the highest CO content at the same equivalence ratio, along with the inhibitory effect of elevated CO content on CH4 consumption under fuel-rich combustion conditions. The increase in the CO content resulted in maximum propagation velocities of the detonation wave being achieved for the three gas mixtures at equivalence ratios of 0.91, 1.09, and 1.19, with corresponding velocities of 1136.7, 1108.7, and 1113.2 m/s, and the shortest times required to establish RDW were measured at 1.5, 1.1, and 0.8 ms for the respective mixtures.