Cobalt nanoparticles (CoNPs) are promising nanomaterials with exceptional catalytic magnetic, electronic, and chemical properties. The nano size and developed surface open a wide range of applications of cobalt nanoparticles in biomedicine along with those properties. The present review assessed the current environmentally friendly synthesis methods used to synthesize CoNPs with various properties, such as size, zeta potential, surface area, and magnetic properties. We systematized several methods and provided some examples to illustrate the synthetic process of CoNPs, along with the properties, the chemical formula of obtained CoNPs, and their method of analysis. In addition, we also looked at the potential application of CoNPs from water purification cytostatic agents against cancer to theranostic and diagnostic agents. Moreover, CoNPs also can be used as contrast agents in magnetic resonance imaging and photoacoustic methods. This review features a comprehensive understanding of the synthesis methods and applications of CoNPs, which will help guide future studies on CoNPs.