All‐oxide photovoltaics are important eco‐energy systems because the metal oxide materials are non‐toxic, easy to fabricate, earth abundant, and chemically stable. The authors report on spinel Co3O4‐based all‐oxide photovoltaics and their performance enhancement via post‐rapid thermal processing (RTP). Preferentially oriented nanocrystalline Co3O4 film with a dual band gap (Eg) is grown by reactive sputtering of Co, which exhibits degenerate semiconductor properties due to native oxygen vacancies. The authors find that RTP treatment effectively overcomes the native defects in the Co3O4, and enables the free carrier concentration to be tuned over a wide range (1017–1020 cm−3). It also efficiently enhances hole mobility by 50 times, without affecting the Eg values. A semitransparent Co3O4 device with an optimally thick TiO2 layer exhibits enhancements in VOC, from 0.42 to 0.7 V, JSC from 0.88 to 3.47 mA cm−2, and efficiency from 0.1 to 0.6% when treated by RTP at 550 °C. Following RTP, a pristine device exhibits enhanced photovoltaic performance due to synergetic optical and electrical properties. These results confirm the benefits of post‐thermal treatment for enhancing all‐oxide photovoltaic performance, and tuning the optoelectronic properties of metal oxides.