In this work, the effect of humidity on the microstructural degradation of nickel-based metal– ceramic composite materials containing 0, 10, 20, 40, and 60 wt.% of cobalt in the metallic phase was investigated. The increase in cobalt concentration was found to have a beneficial effect on the stability of the microstructure and the long-term electrical conductivity, indicating the perspective of cobalt alloying as an approach to improve the performance and durability of SOFC anodes.