Cobalt has emerged as a strategic critical metal due to its essential role in rechargeable batteries, high-performance alloys, catalysts, and clean energy technologies. However, its supply chain remains heavily dependent on cobalt produced as a by-product of copper and nickel mining and is geographically concentrated, particularly in the Democratic Republic of Congo. This review provides a comprehensive assessment of cobalt geology, mineralogy, global reserves, market trends, primary extraction routes, and emerging secondary recovery strategies. Unlike previous reviews that address these topics separately, this work integrates geological occurrence, mineralogical characteristics, extraction technologies, and resource circularity within a unified framework aimed at evaluating future cobalt supply resilience. The main cobalt-bearing deposit types of sediment-hosted Cu–Co deposits, Ni–Co laterites, and magmatic Ni–Cu–Co sulphide deposits are compared in terms of their mineralogical characteristics and processing requirements. Hydrometallurgy is identified as the dominant industrial route, typically combining high-pressure acid leaching (HPAL) with downstream purification and recovery processes such as solvent extraction and electrowinning (SX–EW). Emphasis is placed on the relationship between ore mineralogy and process selection, as well as on the growing integration of secondary resources, including tailings, slags, and spent batteries, into existing cobalt production chains. Despite promising recovery rates at laboratory scale, challenges remain in impurity control, economic scalability, and integration into established refining infrastructure. This review demonstrates that secondary resources are evolving from supplementary feedstocks to strategically important contributors to cobalt supply. Future supply security will depend on feedstock diversification, more flexible refining systems, improved impurity management, and the implementation of sustainable circular-economy strategies.