Research and utilization of nanotechnology are growing exponentially in every aspect of life. The constant growth of applications for magnetic nanoparticles, specifically nanoferrites, attracted many researchers. Among them, nanocobalt ferrite is the most crucial and studied magnetic nanoparticle. Environmentally benign synthetic methods became necessary to minimize environmental and occupational hazards. Green synthesis approaches in science and technology are now widely applied in the synthesis of nanomaterials. Herein, we reviewed recent advances in synthesizing nanocobalt ferrites and their composites using various scientific search engines. Subsequently, various applications were discussed, such as environmental (treatment of water/wastewater, photocatalytic degradation of dyes, and nanosorbent for environmental remediation) and biomedical (nanobiosensors for cancer diagnosis at the primary stage, effective targeted drug delivery, magnetic resonance imaging, hyperthermia, and potential drug candidates against cancer and microbial infections). This review offers comprehensive knowledge on how to choose appropriate natural resources for the green synthesis of nanocobalt ferrite and the benefits of this approach compared to conventional methods.