Coisotropic algebras consist of triples of algebras for which a reduction can be defined and unify in a very algebraic fashion coisotropic reduction in several settings. In this paper we study the theory of (formal) deformation of coisotropic algebras showing that deformations are governed by suitable coisotropic DGLAs. We define a deformation functor and prove that it commutes with reduction. Finally, we study the obstructions to existence and uniqueness of coisotropic algebras and present some geometric examples.