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Collaborative perception shares information among different agents and helps solving problems that individual agents may face, e.g., occlusions and small sensing range. Prior methods usually separate the multi-agent fusion and multi-time fusion into two consecutive steps. In contrast, this paper proposes an efficient collaborative perception that aggregates the observations from different agents (space) and different times into a unified spatio-temporal space simultanesouly. The unified spatio-temporal space brings two benefits, i.e., efficient feature transmission and superior feature fusion. 1) Efficient feature transmission: each static object yields a single observation in the spatial temporal space, and thus only requires transmission only once (whereas prior methods re-transmit all the object features multiple times). 2) superior feature fusion: merging the multi-agent and multi-time fusion into a unified spatial-temporal aggregation enables a more holistic perspective, thereby enhancing perception performance in challenging scenarios. Consequently, our Collaborative perception with Spatio-temporal Transformer (CoST) gains improvement in both efficiency and accuracy. Notably, CoST is not tied to any specific method and is compatible with a majority of previous methods, enhancing their accuracy while reducing the transmission bandwidth.