Multi-label image recognition with incomplete labels is a challenging yet vital task in computer vision, which faces two fundamental challenges: learning semantic-aware features and recovering missing labels. In this paper, we propose a Co-learning framework for Semantic-aware features and Label recovery (CSL), designed to address both challenges in a unified learning paradigm. Specifically, we develop a semantic-related feature learning module that captures robust semantic-related representations by discovering semantic information and label correlations. Furthermore, a semantic-guided feature enhancement module is introduced to generate highly discriminative semantic-aware features by effectively aligning visual and semantic spaces. Finally, we present a collaborative learning framework that integrates semantic-aware feature learning with label recovery. This framework not only dynamically enhances the discriminability of semantic-aware features but also adaptively infers and recovers missing labels, thereby forming a mutually reinforcing mechanism between the two processes. Extensive experiments on three widely used public datasets (MS-COCO, VOC2007, and NUS-WIDE) demonstrate that CSL outperforms state-of-the-art methods for incomplete multi-label image recognition.