Abstract Some enzymes require the participation of chemical compounds called cofactors for biocatalysis. A cofactor is either a simple inorganic metal ion or a complex organic molecule called a coenzyme. Common metal ion cofactors are copper, iron, and zinc. Metal ions aid the enzyme either structurally or catalytically. Coenzymes have physiocochemical properties not found in the enzyme, which are necessary to assist the enzyme to catalyze a reaction. The function of a coenzyme is to accept the transfer of a specific functional group from a substrate in order for the substrate to be converted to the product. After coenzymes participate in a reaction, they may be regenerated back to their original form. Coenzymes are classified according to whether they are self‐regenerating, regenerated by oxidation using molecular oxygen, or regenerated using an appropriate substrate other than O 2 for regeneration. Furthermore, several coenzymes have been immobilized onto solid supports for economical biocatalysis.