As a new pulse magnetron sputtering technology (HPPMS), high ionization rate physical vapor deposition features have high atomic ionization of sputtering target and high peak power exceeding average power by two orders of magnitude. The new ionization physical vapor deposition technology has become a research hotspot at home and abroad. Its plasma characteristics, coating process and high power pulse discharge have drawn attention of scholars at home and abroad. Ions were ionized with charge exchange along with electron collision during deposition, and were delivered in accordance with the theory of ambipolar diffusion transfer. Provided with different working air pressure, ion energy distribution exhibite different characteristics. High peak power pulse and low pulse duty factor (0.5%~10%) are applied during discharge process to achieve high ionization (>50%), which exhibited good adhesion, having overwhelming advantage in controlling coating structure and reducing internal stress of coating. From proceeding application status of preparing coatings using HPPMS technology, this work introduced characteristics and advantages of the high ionization rate physical vapor deposition coating, and research progress in hard coating preparation and coating interface optimization. Future development trend of high ionization rate physical vapor deposition coating was discussed, and application effect of the coatings was analyzed.