Cold spray is widely used in the preparation of various types of coatings or bulk materials due to its low temperature required during spraying, and thus lower oxygen content and lower porosity in the final coating than those of conventional thermal spraying coatings. In recent years, the cold spray has also been considered an interesting method for additive manufacturing and parts repair. In this paper, the research progress of cold sprayed high performance metal and metal/ceramic coatings is reviewed. The focus is on the original particle structure, cold spray parameters, and the addition of second phase and post-treatment to the preparation and property of coatings. The bonding mechanism of the coatings prepared by cold spraying was expounded, including the formation mechanism of the single coatings of soft phase particles and the formation mechanism of the composite coatings of adding hard phase particles. The mainly combination of particles in the coatings are mechanical bonding, physical bonding, metallurgical bonding and chemical bonding one or more bonding modes. The applications of cold spray in additive manufacturing and parts repair are also introduced. Finally, the application prospects and existing problems of cold spraying are analyzed.