Taking inspiration from many published review articles in respect of polyimide–nickel nanocomposites (PINiNCs), this article is written to highlight the significant effect of reinforcing and/or blending nickel nanoparticles (NiNPs) with the different constituents of polyimide monomers to increase various properties (mechanical, thermal, and stability) without sacrificing any of its positive properties. The design and fabrication methodologies of PINiNCs have been critically reported. The recent characterization probing techniques and applications, revealing their advantages and disadvantages are examined in depth. Their diverse applications in multidisciplinary as well as high technological fields and their corresponding properties are extensively documented and summarized in tables. The type of NiNPs and the detailed fabrication techniques of PINiNCs together with their advantages and disadvantages were documented. The combination between this reported fabrication technique and enhanced properties also inspires and broadens the reader’s view to understand the basic principle of structure properties relationship of PINiNCs. This review also screens the properties and current application of PINiNCs in the field of lithography technology, biomedical, electrode technology, membrane, dielectric materials, and light emitting diode technology. The main findings are focused on the strategies to fabricate novel PINiNCs. Various modern cutting-edge characterization technologies for PINiNCs have been emphasized. The industrial applications of PINiNCs have been thoroughly reviewed to develop a complete reference material on PINiNCs.