There is a demand to develop molecular catalysts promoting the hydrogen evolution reaction (HER) with a high catalytic rate and a high tolerance to various inhibitors, such as CO and O2. Herein we report a cobalt catalyst with a penta‐dentate macrocyclic ligand (1‐Co), which exhibits a fast catalytic rate (TOF=2210 s−1) in aqueous pH 7.0 phosphate buffer solution, in which proton transfer from a dihydrogen phosphate anion (H2PO4−) plays a key role in catalytic enhancement. The electrocatalyst exhibits a high tolerance to inhibitors, displaying over 90 % retention of its activity under either CO or air atmosphere. Its high tolerance to CO is concluded to arise from the kinetically labile character of undesirable CO‐bound species due to the geometrical frustration posed by the ligand, which prevents an ideal trigonal bipyramid being established. [ABSTRACT FROM AUTHOR]