The advanced technology for synthesizing nanoparticles utilizes natural resources in an environmentally friendly manner. Additionally, green synthesis is preferred to chemical and physical synthesis because it takes less time and effort. The green synthesis of cobalt oxide nanoparticles has recently risen due to its physico-chemical properties. In this study, many functional groups present in Psidium guajava leaf extracts are used to stabilize the synthesis of cobalt oxide nanoparticles. The biosynthesized cobalt oxide nanoparticles were investigated using UV-visible spectroscopic analysis. Additionally, Fourier-transform infrared spectroscopy revealed the presence of carboxylic acids, hydroxyl groups, aromatic amines, alcohols and phenolic groups. The X-ray diffraction analysis showed various peaks ranging from 32.35 to 67.35°, and the highest intensity showed at 36.69°. The particle size ranged from 26 to 40 nm and confirmed the average particle size is 30.9 nm. The green synthesized P. guajava cobalt oxide nanoparticles contain cobalt as the major abundant element, with 42.26 wt% and 18.75 at% confirmed by the EDAX techniques. SEM images of green synthesized P. guajava cobalt oxide nanoparticles showed agglomerated and non-uniform spherical particles. The anti-bacterial activity of green synthesized P. guajava cobalt oxide nanoparticles was evaluated against Gram-positive Staphylococcus aureus and Gram-negative Escherichia coli with a 7 to 18 mm inhibitory zone. The photocatalytic activity was evaluated using green synthesized P. guajava cobalt oxide nanoparticles and observed 79% of dye degradation. The MTT assay of P. guajava cobalt oxide nanoparticles showed an excellent cytotoxic effect against MCF 7 and HCT 116 cells compared to normal cells. The percentage of cell viability of P. guajava cobalt oxide nanoparticles was observed as 90, 83, 77, 68, 61, 58 and 52% for MCF-7 cells and 82, 70, 63, 51, 43, 40, and 37% for HCT 116 cells at the concentration of 1.53, 3.06, 6.12, 12.24, 24.48, 50, and 100 μg/mL compared to control cells. These results confirmed that green synthesized P. guajava cobalt oxide nanoparticles have a potential photocatalytic and anti-bacterial activity and also reduced cell viability against MCF-7 breast cancer and HCT 116 colorectal cancer cells.