To explore the structure–function relationships of cobalt complexes in the catalytic hydrogen evolution reaction (HER), we studied the substitution of a tertiary amine with a softer pyridine group and the inclusion of a conjugated bpy unit in a Co complex with a new pentadentate ligand, 6‐[6‐(1,1‐di‐pyridin‐2‐yl‐ethyl)‐pyridin‐2‐ylmethyl]‐[2,2′]bipyridinyl (Py3Me‐Bpy). These modifications resulted in significantly improved stability and activity in both electro‐ and photocatalytic HER in neutral water. [Co(Py3Me‐Bpy)(OH₂)](PF₆)₂ catalyzes the electrolytic HER at −1.3 V (vs. SHE) for 20 hours with a turnover number (TON) of 266 300, and photolytic HER for two days with a TON of 15 000 in pH 7 aqueous solutions. The softer ligand scaffold possibly provides increased stability towards the intermediate Co^I species. DFT calculations demonstrate that HER occurs through a general electron transfer/proton transfer/electron transfer/proton transfer pathway, with H₂ released from the protonation of Co^II−H species.