The effects of Co additions on the evolution of γ' precipitates and topologically close-packed (TCP) phases during thermal exposure at 950 °C were investigated for two Ni-based single crystal superalloys with 7.9 wt.% Co and 9.1 wt.% Co. The results indicated that the γ′ morphology was not affected by Co content, whereas γ′ volume fraction decreased and precipitate size increased due to lower Co addition after standard heat treatment. The coarsening of γ′ precipitates in both alloys was controlled by diffusion. The γ′ coarsening rate increased, while the stability of γ′ volume fraction decreased due to lower level of Co addition during 950 °C thermal exposure because more Co addition suppressed the diffusion process. High Co addition promoted the formation of μ phase after thermal exposure at 950 °C for 1000 h due to higher γ′ volume fraction, more stable γ′ volume fraction and higher electron vacancy number. The experimental results of μ phase precipitation showed good agreement with thermodynamic calculation by JMatPro.