Near‐net shaping hot isostatic pressing (NNS‐HIP) forming process has the advantage of high material utilization ratio and good uniformity of billet microstructure. It is widely used to produce critical parts for harsh service environments in special fields such as aerospace and energy and chemical industry. This paper introduces the process characteristics and production flow of hot isostatic near‐net forming, the representative materials of hot isostatic near‐net forming, the development and application at home and abroad, and the micro‐ and macromodels of numerical simulation powder densification by HIP near‐net forming. Finally, the challenges and development trends of this technology are prospected, and corresponding countermeasures are put forward.