The problem of event‐triggered guaranteed cost consensus of discrete‐time singular multi‐agent systems with switching topologies is investigated in this paper. To save the limited network communication bandwidth of multi‐agent systems, a novel event‐triggered networked consensus mechanism is proposed. Based on the graph theory and singular system theory, sufficient conditions of guaranteed‐cost consensus of discrete‐time singular multi‐agent systems are derived and given in the form of the linear matrix inequalities, respectively. A co‐design approach of the multi‐agent consensus gain matrix and the event‐triggered parameters is presented. Furthermore, based on the approach of second class equivalent transformation for singular systems, the cost function is determined, and an explicit expression of consensus functions is presented. Finally, a numerical example is provided to illustrate the effectiveness of the proposed method.