Nano-sized cobalt (II) oxide nanoparticles with a high crystallinity were synthesized using thermolysis of a $Co^{2+}$-oleate precursor at 310$^{circ}C$. The phase and morphology of as-prepared cobalt oxide nanoparticles were characterized using X-ray diffraction, high-resolution transmission electron microscopy, and Brunauer-Emmett-Teller surface area measurements. The cobalt oxide nanoparticles were found to be spherical nanoclusters with an average diameter of approximately 200 nm, consisting of tiny nanocrystals (10-20 nm). Furthermore, the Li electroactivites of the cobalt oxide nanoparticles were investigated using cyclic voltammetry and galvanostatic cycling. The cobalt oxide nanoparticles could deliver high capacities over 420 mA h $g^{-1}$ at a C/5 current rate.