Carbonylative transformations for the incorporation of a “C1 unit” in an organic molecule using readily available carbon monoxide gas or other surrogates has witnessed decades of progress under transition metal catalysis. With the necessity for energy‐efficient, economic and environmentally friendly techniques, the scientific research community has been working towards achieving this goal in varied chemical transformations. First‐row transition‐metal‐catalyzed carbonylation not only does serve the purpose but also opens gateway to new reactivity due to its ability to participate in both one‐ and two‐electron transfer reactions. In this chapter, we discuss and summarize the development of cobalt‐catalyzed carbonylative transformations providing an insight into the diverse applications that has been achieved in this field so far.