The selective catalytic reduction of NOx by CO (CO‐SCR) holds considerable promise as a simple and cost‐effective technology capable of concurrently removing CO and NOx from mobile and stationary sources. This is especially pertinent for industry sectors with high CO emissions, such as the iron and steel industry, making CO‐SCR an attractive solution with significant industrial applicability. However, the widespread adoption of this technology faces several limiting factors, of which the impacts of SO2, H2O, and O2 on catalyst performance and stability are most pronounced. Current research into these specific constraints is not yet exhaustive, rendering the comprehensive industrial implementation of CO‐SCR technology a challenging endeavour. As such, this review paper seeks to concentrate on variables that impede the industrial utilization of CO‐SCR technology. It encapsulates the existing bottlenecks and underscores the criticality of resolving the inhibitory effects of O2 on the CO‐SCR reaction as the most pressing issue in contemporary research.