The use of ceramic cutting tools is limited due to their inherent brittleness. In this paper, metal phase Co is considered to strengthen Si3N4 based ceramic tool materials. The effects of Co on room-temperature and high-temperature mechanical properties and thermal shock resistance of the material are studied. Compared with the composite without Co, the addition of Co can improve room-temperature fracture toughness of Si3N4 based ceramic material at the cost of reducing its hardness. The flexural strength decreases a little in accordance with the reduced relative density. As the testing temperature increases, the fracture toughness first increases gradually and then decreases sharply while the flexural strength decreases gradually. Due to the oxidation inhibition effect, the Co-containing composite maintains higher flexural strength and fracture toughness than the Co-free composite at the specified test temperatures. The critical thermal shock temperature difference of the composite with Co is higher than that without Co, although before reaching the difference its residual bending strength is lower due to pores and thermal mismatch effect. The addition of Co can also inhibit the growth of thermal shock microcracks and improve the thermal fatigue resistance of Si3N4 ceramic material.