Hydrogen peroxide detection has been widely applied in the fields of biology, medicine, and chemistry. Colorimetric detection of hydrogen peroxide has proven to be a fast and convenient method. In this work, 5,10,15,20-tetrakis(4-chlorophenyl) porphyrin modified Co99S88 nanocomposites (H22TClPP-Co99S8)8) were prepared via a facile one-step hydrothermal method. H22TClPP-Co99S88 nanocomposites were demonstrated to possess an enhanced mimetic peroxidase activity toward the substrate, 3,3′,5,5′-tetramethylbenzidine (TMB), which can be oxidized to oxTMB (oxidized TMB) in a buffer solution of hydrogen peroxide with a color change from colorless to blue. The catalytic activity of H2TClPP-Co9S8 was further analyzed by steady-state kinetics, and H2TClPP-Co9S8 had high affinity towards both TMB and H2O2. Furthermore, fluorescence and ESR data revealed that the catalytic mechanism of the peroxidase activity of H2TClPP-Co9S8 is due to hydroxyl radicals generated from decomposition of H2O2. Based on the catalytic activity of H2TClPP-Co9S8, a sensitive colorimetric sensor of H2O2 with a detection limit of 6.803 μM as well as a range of 7–100 μM was designed.