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Co3O4 exhibits intriguing physical, chemical and catalytic properties and has demonstrated great potential for next-generation renewable energy applications. These interesting properties and promising applications are underpinned by its electronic structure and optical properties, which are unfortunately poorly understood and the subject of considerable debate over many years. Here, we unveil a consistent electronic structural description of Co3O4 by synergetic infrared optical and in situ photoemission spectroscopy as well as standard density functional theory calculations. In contrast to previous assumptions, we demonstrate a much smaller fundamental band gap, which is directly related to its efficient electro-/photo-activity. The present results may help to advance the fundamental understanding and provide guidance for the use of oxide materials in photocatalysis and solar applications.