The growing demand for green energy has made energy storage crucial in energy generation systems. Supercapacitors (SCs) are gaining popularity in energy storage due to their high-power density and long cycle life. Bimetallic cobalt oxides (MCo2O4) are promising electrode materials due to their enhanced electrochemical performance and synergistic effects. This review provides a unique and exclusive focus on the recent 5-year progress (2020–2025) in MCo2O4 materials for SC applications. It provides a detailed analysis of various synthesis processes, the relationship between crystal structure (particularly the stable spinel structure) and electrochemical activity, the inherent battery-like charge storage mechanism of cobalt oxides, and a comparative performance evaluation. It also analyzes the electrolyte in Bimetallic Metal Oxides and their composites. The review highlights the strategic inclusion of a secondary metal (M = Ni, Cu, Fe, Mn, Zn) into cobalt oxide, which enhances key metrics, including specific capacitance, rate capability, and cyclic stability. Furthermore, this review demonstrated the strategies for improving overall SC performance through composite formation with conductive additives (carbon materials, metal oxides, conducting polymers, and MOFs). Lastly, the review concludes by summarizing the advanced and outlining crucial future research pathways to guide the development of superior bimetallic cobalt oxide-based SCs.
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