Dye-sensitized solar cells (DSSCs), developed two decades ago, are considered to be an attractive technology among various photovoltaic devices because of their low cost, accessible dye chemistry, ease of fabrication, high power conversion efficiency, and environmentally friendly nature. A typical DSSCs consists of a dye-coated $TiO_2$ photoanode, a redox electrolyte, and a platinum (Pt)-coated fluorine-doped tin oxide (FTO) counter electrode. Among them, redox electrolytes have proven to be extremely important in improving the performance of DSSCs. Due to many drawbacks of iodide electrolytes, many research groups have paid more attention to seeking other alternative electrolyte systems. With regard to this, one-electron outer sphere redox shuttles based on cobalt complexes have shown promising results: In 2014, porphyrin dye (SM315) with the cobalt (II/III) redox couple exhibited a power conversion efficiency of 13% in DSSCs. In this review, we will provide an overview and perspectives of cobalt redox electrolytes in DSSCs.