The solution speciation of a metal has a critical influence on its biological activity in the environment and is now an important focus of research. In this review, pertinent aspects related to the aqueous speciation and chemistry of cobalt (Co) in terrestrial environments are critically assessed. Although there is a lack of comprehensive data on aqueous Co concentrations in soil porewaters, groundwaters and surface waters, existing reports indicate that natural Co concentrations vary within a picomolar to micromolar range. Cobalt chemistry is dominated by the Co(II) oxidation state in the aqueous phase of terrestrial environments primarily due to the extremely low solubility of Co(III). There is no universal agreement on the importance of Co(II) complexation in the solution phase of terrestrial environments and, furthermore, on the nature of the major binding organic ligands. The kinetics of Co(II) complexation to, and dissociation from, natural organic complexing ligands are such that the speciation of Co is likely to significantly diverge from estimates based on thermodynamic equilibrium calculations. As a result, an accurate understanding of Co bioavailability, toxicity and transport in terrestrial aquatic environments will only be achieved when thermodynamics can be reconciled with reaction kinetics.