 Cobalt/iron oxide nanoparticles (CFO/NPs) were fabricated with a facile solid combustion method and decorated on polyaniline-derived porous N-doped carbon nanosheets. The N-doped carbon nanosheets provide a pathway for charge transfer and act as defensive layers to avoid the agglomeration of nanoparticles. The decoration of CFO nanoparticles on porous N-doped carbon nanosheets (CFO/NC) typically leads to hybrid material that displays an exceptionally high electrochemical performance for Li-ion batteries (LIBs) with excellent diffusion of electrolyte ions and ensures fast Li+/e− transport. The initial discharge capacity reaches up to 1270 mAh g−1 (1.65 mAh cm−2) at a current density of 500 mA g−1 (0.65 mA cm− 2). Furthermore, it also exhibits an exceptionally high specific capacity of 635 mAh g−1 at a high current density of 500 mA g−1 (500 mA g−1) after long cycling (250 cycles) and a remarkable rate capability with 93% capacity retention. These excellent electrochemical characteristics demonstrate that CFO/NC is a promising anode material for LIBs.