Unlike many other state-of-the-art transition-metal-catalyzed allylic substitutions, cobalt-catalyzed allylic substitution has received much less attention from synthetic chemists for a long time despite the fact that cobalt is an earth-abundant, low-cost and thus much more sustainable option as either a reagent or a catalyst in organic synthesis. Recently, there has been an upsurge in the use of cobalt catalysis in allylic functionalization reactions, including allylic substitution, nucleophilic allylation, and Heck-type allylic functionalization, to construct synthetically significant building blocks featuring a double bond available for diverse downstream synthetic manipulations. This review highlights the current development of cobalt catalysis in allylic functionalization with an in-depth discussion of the reaction scope and mechanistic insights.