Cobalt oxide nanoparticles are promising candidates for various kinds of practical application. The interest of researchers and scientists in these nanoparticles is due to their unique physical and chemical properties such as density, melting point, magnetic characteristics and band gap. The need to develop high performance and low-cost technologies for obtaining Co3O4 nanoparticles is a major reason in research in this area. The widespread commercial use of Co3O4 nanoparticles will open doors for numerous novel cost effective technologies, which are mostly dependent on the type of synthesis method and raw materials. A possible solution to this problem is to use Cobalt nitrates as a cost-effective precursor using the solution combustion method. Solution combustion synthesis method is one of the best candidate methods that have the potential for high performance and is also cost-effective. This review examines recent progress in the synthesis of Co3O4 nanoparticles by solution combustion method and underscores their significance across various fields, highlighting the need for further research and exploration of their multifaceted applications. In addition, the most recent advancements in the applications of Co3O4 nanoparticles in sensitive sensing, catalysis, supercapacitors/batteries and water treatment/pollutants removal are reviewed and described, focusing on current trends, challenges, and future outlooks.