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Ni-based composite powder (NCP) has attracted increasing attention due to its unique advantages. Various NCPs have been synthesized successfully by different raw powders, and synthesis strategies and applications of NCP have been designed. However, the mechanism of Ni coating is still in the early stage, and timely updates of recent research progress on new remarkable breakthroughs in NCP are highly desired. In light of the above, the novel synthesis designs and mechanism of NCP were discussed in this review. In addition, this review focused on the application of NCP in electrocatalysis, functional coating, and energy field. The future directions of various NCPs were summarized. Some innovative suggestions were discussed at the end of the article.