Cody Gakpo started his football career at PSV as a youth player before moving on to Jong PSV. On November 4, 2016, he made his professional debut for Jong PSV against Helmond Sport in the Eerste Divisie.

On February 25, 2018, he made his PSV debut in a 3-1 win over Feyenord. In the 2019–20 Eredivisie season, he had an outstanding performance, with seven goals and numerous assists in 25 league games.

Gakpo earned his first brace for PSV in the 2020–21 Eredivisie season on September 13, 2020, in a 3-1 win against Groningen. He ended the season with 11 goals in 29 games. He also scored the game-winning goal in PSV’s 2-1 triumph against Ajax in the 2022 KNVB Cup Final. In December 2022, he signed a six-year contract with the English club Liverpool.