A one‐dimensional (1D) coordination polymer [Co(btca)1/2(mbpy)]n (1, mbpy=4,4′‐Dimethyl‐2,2′‐bipyridyl, H4btca=1,2,4,5‐Benzenetetracarboxylic acid) constructed by a mixed tetracarboxylic‐dipyridyl ligand strategy with a ribbon topology was synthesized and magnetically characterized. Magnetic studies combined with theoretical calculations reveal large easy‐axis magnetic anisotropy of the central Co(II) ions in a highly distorted five‐coordination geometry. Interestingly, field‐induced single‐ion magnet (SIM) behavior was evidenced in the chain compound, making the cobalt(II) coordination ribbon to be the first five‐coordinate SIM chain.