We studied the growth behavior, structural, electronic, and magnetic properties of cobalt nitride (Co-N) thin films deposited using direct current (dc) and high power impulse magnetron sputtering (HiPIMS) processes. The N2 partial gas flow (RN2) was varied in close intervals to achieve the optimum conditions for the growth of the tetra cobalt nitride (Co4N) phase. We found that Co-N films grown using the HiPIMS process adopt (111) orientation as compared to the growth taking place along the (100) direction in the dcMS process. It was observed that HiPIMS grown Co-N films were superior in terms of crystallite size and uniform surface morphology. The local structure of films was investigated using x-ray absorption fine structure (XAFS) measurements. We found that the high energy of adatoms in the HiPIMS technique assisted in the more excellent stabilization of fcc-Co and the novel Co4N phase relative to the dcMS process. Magnetic properties of Co-N thin films were studied using magneto-optical Kerr effect, vibrating sample magnetometry and polarized neutron reflectivity. It was found that though the saturation magnetization remains almost similar in films grown by dcMS or HiPIMS processes, they differ in terms of their magnetic anisotropy. Such variation can be understood in terms of differences in the growth mechanisms in dcMS and HiPIMS processes affecting the resulting Co4N phase’s local structure.