Three Cp*Co(II)(P−X) (X=N, O) complexes were synthesized using cyclopentadienyl anionic and [P N]/[P O] bidentate ligands. Crystallographic analysis revealed five‐coordinate, 17‐electron unsaturated structures with low‐spin d⁷ Co(II) configurations. Electrochemical studies showed reversible Co(II)/Co(III) redox couples and an irreversible Co(II)/Co(I) process of Cp*Co(II)(P−O) complexes, while complex Cp*Co(II)(P−N) exhibited irreversible Co(II)/Co(III) process due to the pyridine imine ligand. Oxidation with AgBF4 produced stable Co(III) complexes, confirmed by crystallographic data and NMR data. These complexes exhibit significant electrochemical properties and stability, indicating potential for catalytic and organic molecule binding applications.