VO2 is considered as one of the most likely cathode materials to be commercialized for large‐scale application in AZIBs and is at the forefront of aqueous batteries, but its lower electrical conductivity, slower Zn2+ mobility, as well as voltage degradation and structural collapse due to vanadium solubilization have limited its further development. Herein, a Co‐substitution engineering strategy is proposed, which is introducing heteroatom Co2+ doping substitution and oxygen vacancy substitution to stabilize structure and promote ionic/electronic conductivity, leading an enhanced Zn ion storage behavior. The Co‐substituted VO2 (Co0.03V0.97O2‐x, denote as Ov‐CoVO) is reported in this paper, Co‐substitution inhibits vanadium dissolution of VO2 in AZIBs, even in the acetionitrile system. DFT calculations show that Ov‐CoVO has a more stable structure as well as a faster electronic/ionic conductivity. Consequently, the Ov‐CoVO||ZnOTF||Zn battery (aqueous) can deliver a remarkable capacity of 475 mAh g−1 at 0.2 A g−1 with 99.1% capacity retention after 200 cycles, still maintains excellent cycling stability in Ov‐CoVO||ZnTFSI||Zn (acetionitrile electrolyte) at 0.1 A g−1. In addition, compared to VO2, the charge transfer resistance and Zn2+ iffusion coefficient of Ov‐CoVO are significantly enhanced. This work broadens the scope for research cathode materials for high performance ZIBs.