Nanostructured Co–Co3O4 composite thin films deposited on nickel foam (NF) using combined cyclic voltammetry (CV) and pulse reverse potential (CV PRP) modes of electrodeposition from an electrolyte composed of CoCl2 and Co(CH3COO)2 precursor salt solutions with varied molar ratios demonstrated a dependency of the supercapacitance performance over the precursor components’ molar ratios. The specific capacity and its retention were found to increase with increasing CoCl2 in the electrolyte with a starting value of 474.6 C/g (791 F/g) at an applied current load of 1 A/g for a molar ratio of Co(CH3COO)2:CoCl2 of 100:0. High specific capacity of 1548 C/g (2580 F/g) and large retention (90.5%) were obtained at a critical molar ratio of Co(CH3COO)2:CoCl2 of 20:80. However, with 100% CoCl2 in the electrolyte, the specific capacity lowered to 276 C/g (460 F/g) with poor retention of only 60%. Crystallinity and morphological features, driven by the electrolyte concentration with molar variations of the deposited films, have been found to influence the specific capacitance performance. The degree of crystallinity, and the presence of Co and Co3O4 phases for the different molar ratios have been revealed by X-ray diffraction (XRD) studies. The diverse morphological features obtained by scanning electron microscopy (SEM) and the varying quantities of Co and O in the Co–Co3O4 nanocomposite thin films as confirmed by energy-dispersive X-ray spectroscopy (EDX) spectra correlate well with the electrochemical performance. The phase composition was further confirmed by the presence of Co–O bonds via the attenuated total reflection–Fourier transform infrared (ATR-FTIR) spectra obtained on these films.