This study investigates the oxygen-binding capability and stability of a dicobalt(II) complex ((BPE)CoIICoII(BPE)) and further examines its potential as an oxygen carrier and catalyst. First, the dicobalt(II) complex was synthesized and characterized; upon exposure to O₂ at −80 °C, a μ-peroxo dicobalt(III) species ((BPE)CoIII(μ-O₂)CoIII(BPE)) was formed. Subsequent oxidation with Magic Blue converted this species into a μ-superoxo dicobalt(III) complex ((BPE)CoIII(μ-O₂·⁻)CoIII(BPE)). Finally, addition of TEMPOD was used to probe the complex’s reactivity toward hydrogen-atom abstraction. The results show pronounced changes in both the UV-vis and EPR spectra, confirming strong oxygen-binding ability and reactivity. These findings also demonstrate that the dicobalt complex is relatively stable in its oxygen-bound forms, offering a potential design template for biomimetic catalysis. Future work could explore its stability at higher temperatures to enable broader applications (e.g., biological oxygen transport and artificial oxygen storage technologies), and investigate additional reaction pathways to gain a more complete mechanistic understanding useful for kinetic studies and related areas.