The substitution of high-price noble metals such as Ir, Ru, Rh, Pd, and Pt by earth-abundant, inexpensive metals like Co is an attractive goal in (homogeneous) catalysis. Only two examples of Co catalysts, showing efficient C=O bond hydrogenation rates, are described. Here, we report on a novel, easy-to-synthesize Co catalyst family. Catalyst activation takes place via addition of 2 equiv of a metal base to the cobalt dichlorido precatalysts. Aldehydes and ketones of different types (dialkyl, aryl-alkyl, diaryl) are hydrogenated quantitatively under mild conditions partially with catalyst loadings as low as 0.25 mol%. A comparison of the most active Co catalyst with an Ir catalyst stabilized by the same ligand indicates the superiority of Co. Unique selectivity toward C=O bonds in the presence of C=C bonds has been observed. This selectivity is opposite to that of existing Co catalysts and surprising because of the directing influence of a hydroxyl group in C=C bond hydrogenation.