The phase stability, magnetic properties, electronic state, and martensitic transformation appearing in the
L
2
1
‐type ordered phase of Co‐based Heusler alloys are reviewed. Critical temperatures of the
L
2
1
/
B
2 order–disorder transition in stoichiometric Co
2
YZ
(
Y
= Ti, V, Cr, Mn, and Fe) alloys were experimentally estimated, and the degrees of order of the
L
2
1
structure in stoichiometric Co
2
Y
Ga alloys quenched from an elevated temperature were evaluated by powder neutron diffraction. All the experimental data are fundamentally consistent with the theoretical results based on the Bragg–Williams–Gorsky (BWG) approximation. The magnetic properties and electronic state for the stoichiometric Co
2
Y
Ga alloys are briefly reviewed, and the concept of high‐field magnetic susceptibility, which is correlated to the characteristic feature of the density of states in the half‐metallic ferromagnets, is introduced. Martensitic transformations appearing in the nonstoichiometric Co‐based Heusler alloys are also presented and the phase stability is reviewed. In particular, the reentrant martensitic transformation in Co
2
Cr (Ga, Si) alloys is introduced together with some unique properties, such as cooling‐induced shape memory effect and inverse temperature dependence of the critical stress in the stress‐induced transformation.