Cu-Ni-Si alloy with a different Co content was prepared by inductive melting and hot rolling. The alloy was solution treated at 950 °C for 1.5 h and aged at 450 °C, 500 °C, and 550 °C for different times. The phase diagram calculation and transmission electron microscopy was used to investigate the effect of Co addition on the aging precipitation behavior of the Cu-Ni-Si alloy. The phase transformation kinetics equation was calculated as well. The results show that, with the increase of aging temperature, the two-phase region of Fcc + Ni2Si in the Cu-Ni-Si ternary diagram would get wider. Some NixSiy phases would also form in the Cu-rich isothermal section. The addition of Co would replace part of Ni to form the (Ni, Co)2Si phase, which inhibits the spinodal decomposition process of the Cu-Ni-Si alloy during the aging process. The precipitated phase of the Cu-Ni-Si alloy with a high content of the Co element is more likely to grow with the extension of aging time. The phase transformation kinetic equations of the Cu-Ni-Si alloy at 450 °C and 500 °C showed good agreement with the experimental results. Furthermore, it can be seen from the precipitation kinetic curve the addition of the Co element accelerates precipitation in the aging process.