Cobalt has become increasingly attractive in homogeneous catalysis because of its unique characteristics and outstanding catalytic performance in addition to being cheap and earth-abundant. Hydride transfer processes are involved in a broad range of organic transformations that allow the facile preparation of various useful chemicals and synthetic building blocks. These reactions have continuously received great attention both from academia and industry. In this perspective, we review homogeneous cobalt-catalyzed hydride transfer reactions according to the classified reaction types and provide a comprehensive overview of the design, synthesis, and reactivity of cobalt catalysts, their catalytic applications, and reaction mechanisms.