Nickel-Phosphate/Boron (Ni-P/B) electroless coatings have been widely used to improve physical and mechanical properties in various industrial applications, including the automotive, aerospace, chemical processing, food, oil and gas, electronic, textile, and printing industries. Electroless nickel coatings are one of the most popular surface-coating methods due to their low cost and short processing time. The purpose of this review is to look at several coating materials and the existing processes for making electroless coatings on different materials. The improvement of Ni-P/B composite coatings by the incorporation of secondary particles into an alloy matrix at the macro, micro, and nano levels is explained in detail. Process parameters like type of surfactant, annealing temperature, size of the reinforcement material, and reducing-agent percentage on mechanical characteristics like hardness, high-temperature oxidation behaviour, friction, coefficient, wear, and corrosion have been broadly researched and illustrated clearly.