The selective catalytic reduction of NOx by CO (CO‐SCR) is a viable method for simultaneously mitigating NOx and CO emissions in motor vehicle exhaust and industrial flue gases. Extensive research has been conducted on noble metal catalysts because of their superior catalytic activity and stability compared to non‐noble metals. Noble metal catalysts demonstrate efficient NOx conversion and high selectivity for N2. However, achieving high conversion, selectivity, and stability over a wide temperature range in the presence of excess O2, H2O, and SO2 remains a significant challenge. This review summarizes recent advancements in CO‐SCR over noble metal catalysts, providing insights for the development of CO‐SCR catalysts. This paper first examines the reaction mechanisms of CO‐SCR, followed by a discussion on the design and optimization strategies of noble metal catalysts, with a focus on composition and structural effects. This includes creating active metal sites, selecting appropriate supports, integrating catalytic additives, choosing monometallic nanoparticles, alloying, and using single‐atom catalysts. Finally, remaining challenges and potential avenues for future research have been suggested. The discovery of negatively charged noble metal single‐atom‐site catalysts presents new research opportunities.