Cobalt boride is widely used as a catalyst in various chemical reactions, particularly in hydrogenation processes where it facilitates the addition of hydrogen to organic compounds. It exhibits high efficiency and selectivity in reducing nitro compounds and alkenes, making it valuable in the synthesis of fine chemicals and pharmaceutical intermediates.

In materials science, cobalt boride serves as a precursor for producing hard, wear-resistant coatings and boron-containing alloys. Its thermal stability and hardness enhance performance in cutting tools and industrial machinery components.

It is also employed in electrochemical applications, such as in fuel cells and batteries, where it acts as a catalyst for oxygen reduction and hydrogen evolution reactions. Due to its good electrical conductivity and corrosion resistance, it supports durable and efficient energy conversion systems.

Additionally, cobalt boride finds use in nanotechnology, where its magnetic properties are leveraged in data storage and magnetic sensors.