The hybridisation of Co₃O₄ and Fe₂O₃ nanoparticles dispersed in a super P carbon matrix is proposed as a favourable approach to improve the electrochemical performance (reversible capacity, cycling stability and rate capability) of the metal oxide electrodes in metal-ion batteries. Hybrid Co₃O₄–Fe₂O₃/C is prepared by a simple, cheap and easily scalable molten salt method combined with ball-milling and used in sodium-ion and potassium-ion batteries for the first time. The electrode exhibits excellent cycling stability and superior rate capability in sodium-ion cells with a capacity recovery of 440 mA h g⁻¹ (93% retention) after 180 long-term cycles at 50–1000 mA g⁻¹ and back to 50 mA g⁻¹. In contrast, Co₃O₄–Fe₂O₃, Co₃O₄ and Fe₂O₃ electrodes display unsatisfactory electrochemical performance. The hybrid Co₃O₄–Fe₂O₃/C is also reactive with potassium and capable of delivering a reversible capacity of 220 mA h g⁻¹ at 50 mA g⁻¹ which is comparable with the most reported anode materials for potassium-ion batteries. The obtained results broaden the range of transition metal oxide-based hybrids as potential anodes for K-ion and Na-ion batteries, and suggest that further studies of these materials with potassium and sodium are worthwhile.