Over the last decades, conjugated thermolysis of metal chelate monomers (MCMs) has been widely used to produce various metal and metal oxide nanostructures. In the present study, a detailed analysis of the conjugate thermolysis of MCM based on cobalt(II) acrylate (Acr) complexes with 2,2′‐bipyridine (bpy) and 1,10‐phenanthroline (phen) was carried out. The main stages and kinetics features of conjugated thermolysis of MCMs are estimated. Metal‐polymer nanocomposites containing metal nanoparticles (NPs) uniformly distributed in a stabilizing nitrogen‐containing polymer matrix and Co3O4 NPs are obtained depending on the conditions of conjugated thermolysis. The composition, structure and properties of the nanomaterials obtained were studied using X‐ray diffraction (XRD), IR spectroscopy, atomic force microscopy (AFM), scanning electron microscopy (SEM), energy dispersive X‐ray spectroscopy (EDS) and thermal analysis (TA). Analysis of Co3O4 NPs as lubricant additives was carried out in the perspective of their tribological behavior using a pin‐on‐disc tribometer. At an optimum concentration of NPs, the coefficient of friction is the lowest. When the level of NPs increases above the optimum level, the coefficient of friction increases. With an increase in the load to 196 N, the coefficient of friction decreases with increasing concentration.