With the rapid growth of global electro‐mobility, the demand for cobalt is rapidly increasing because it is currently an indispensable component of the cathode materials in lithium‐ion batteries (LIBs). However, the use of Co raises moral issues caused by its exploitation and the geographic limitations of Co resources may result in risking the supply of LIBs. Thus, the development of cobalt‐free (Co‐free) cathodes has become a focus in the LIBs industry. Currently, Co‐free cathodes of lithium‐rich oxides, nickel‐rich layered oxides and spinel lithium nickel manganese oxide (LNMO) are promising candidates but face severe problems. This review article is the first to synthesize and present the progress of Co‐free cathodes made with Li‐rich oxides, Ni‐rich layered oxides and spinel LNMO, identifying their performance, problems and potential development trends. In particular, the roles of cobalt are further clarified, and the full‐cell performance and related commercialization prospects of the three above‐mentioned Co‐free cathodes are also objectively assessed. The focus of this work is to distill detailed and timely insights from the corresponding research progress on these materials and to demonstrate the associated urgency, challenges and opportunities in this field, thus facilitating a faster industrialization of Co‐free cathodes.