Al-Co alloys is an emerging category of metallic materials with promising properties and potential application in various demanding environments. Over the years, different manufacturing techniques have been employed to fabricate Al-Co alloys, spanning from conventional casting to rapid solidification techniques, such as melt spinning, thus leading to a variety of different microstructural features. The effect of the fabrication method on the microstructure is crucial, affecting the morphology and volume of the precipitates, the formation of supersaturated solid solutions and the development of amorphous phases. In addition, the alloy composition has an effect on the type and volume fraction of intermetallic phases formed. As a result, alloy properties are largely affected by the microstructural outcomes. This review focuses on highlighting the effect of the fabrication techniques and composition on the microstructure and properties of Al-Co alloys. Another goal is to highlight areas in the field that are not well understood. The advantages and limitations of this less common category of Al alloys are being discussed with the scope of future prospects and potential applications.