In this study, we synthesized a novel Co(II)-containing coordination compound (CP) [Co(MMBA)(HPT)(HO)]·2HO (1) through a solvothermal reaction of Co(NO)·6HO with 3-(pyridin-2-yl)-1 H-1,2,4-triazole (HPT) and 2-(4-methylbenzoyl)benzoic acid (HMMBA). Fluorescence spectroscopy confirmed that this compound exhibited superior blue fluorescence properties compared to the original ligands. Further, aspirin (ASA) was loaded onto this CP via physical adsorption to create CP-ASA. Interestingly, the fluorescence properties of the CP decreased with the loading of the drug but were restored upon drug release. Leveraging the unique optical properties and biocompatibility of Polymer Liquid Crystal (PLC), we further encapsulated CP-ASA, forming the CP-PLC@ASA composite. The target product was confirmed through various characterization techniques including Elemental Analysis (EA), Fourier-Transform Infrared Spectroscopy (FT-IR), Powder X-Ray Diffraction (PXRD), and Thermogravimetric Analysis (TGA). Moreover, the biological activity of this composite was evaluated in vitro for osteoarthritis, and its potential mechanisms were explored.