The structure of cobalt oxide (CoOx) nanoparticles dispersed on rutile TiO2 (R-TiO2) was characterized by X-ray diffraction, UV-vis-NIR diffuse reflectance spectroscopy, high-resolution transmission electron microscopy, X-ray absorption fine-structure spectroscopy, and X-ray photoelectron spectroscopy. The CoOx nanoparticles were loaded onto R-TiO2 by an impregnation method from an aqueous solution containing Co(NO3)2·6H2O followed by heating in air. Modification of the R-TiO2 with 2.0 wt % Co followed by heating at 423 K for 1 h resulted in the highest photocatalytic activity with good reproducibility. Structural analyses revealed that the activity of this photocatalyst depended strongly on the generation of Co3O4 nanoclusters with an optimal distribution. These nanoclusters are thought to interact with the R-TiO2 surface, resulting in visible light absorption and active sites for water oxidation.