The possibility of application of the ion-associated complex formed between the anionic chelate cobalt(II)-4-(2-thiazolylazo) resorcinol (TAR) with the cation of 3-(4,5-dimethylthiazol-2-yl)-2,5-diphenyl-2H-tetrazolium bromide (MTT) for extraction-spectrophotometric determination of cobalt in the form of an ion associate in Vitamin B12 was studied. The liquid–liquid extraction system Co(II)-TAR-MTT-H2O-CHCl3 was applied. This system was chosen by our previous research of the ion associates of the cobalt by spectrophotometric investigation of fourteen different liquid–liquid extraction systems, containing azo derivatives of resorcinol (TAR or 4-(2-pyridylazo) resorcinol (PAR)) and mono or ditetrazolium salts. Based on the obtained results, a sensitive, relatively simple, convenient and inexpensive method for determination of cobalt in the form of an ion associate in Vitamin B12 was developed. The proposed method can be implemented for biological, medical and pharmaceutical samples containing cobalamin (Vitamin B12).