Cobalt telluride, with tunable magnetism and ferromagnetism that hinged upon the stoichiometric ratio, has emerged as a new member of 2D materials in the last decade. Metallic doping by sodium (Na) and platinum (Pt) atoms below critical concentrations is found to enhance the magnetism of cobalt telluride. After thinning cobalt telluride down to few‐layer, the saturation magnetism is improved by two order of magnitudes because of the oxidation state of cobalt (Co) and reduced coordination number of the surface atoms. In 2D limit, cobalt di‐telluride possesses Dirac band structure with many nodal lines that correlate with quantum criticality and other fantastic physics. In this mini‐review, the crystal and band structures of cobalt telluride categorized by stoichiometric ratio are overviewed after briefing the introduction. Both top‐down and bottom‐up methods are then discussed to offer optimum solutions for each specified application scenario. Afterward, emerging magnetic and electronic properties and credit enhancements are launched accompanied with their key advances. Beyond these, the faced challenges and possible directions of future research are also provided, attempting to boost both fundamental physics and device applications based on 2D cobalt telluride.