Carbon materials, such as graphene, carbon nanotubes, and quantum-dot-doped metal oxides, are highly attractive for energy storage and environmental applications. This is due to their large surface area and efficient optical and electrochemical activity. In this particular study, a composite material of cobalt oxide and carbon quantum dots (Co 3 O 4 − CQD) was prepared using cobalt nitrate and ascorbic acid (carbon source) through a simple one-pot hydrothermal method. The properties of the composite material, including the functional groups, composition, surface area, and surface morphology, were evaluated by using various methods such as ultraviolet, Fourier transform infrared, X-ray diffraction, Raman, X-ray photoelectron spectroscopy, Brunauer−Emmett−Teller, scanning electron microscopy, and transmission electron microscopy analysis. The electrochemical performance of the Co 3 O 4 −CQD composite has been studied using a three-electrode system. The results show that at 1 A g −1 , the composite delivers a higher capacitance of 1209 F g −1 . The asymmetric supercapacitor (Co 3 O 4 −CQD//AC) provided 13.88 W h kg −1 energy and 684.65 W kg −1 power density with a 96% capacitance retention. The Co 3 O 4 −CQD composite also demonstrated excellent photocatalytic activity (90% in 60 min) for the degradation of methylene blue dye under UV irradiation, which is higher than that of pristine Co 3 O 4 and CQD. This demonstrates that the Co 3 O 4 −CQD composite is a promising material for commercial energy storage and environmental applications.