Nickel nanoparticles have wide-ranging applications in diverse fields, including electronics, catalysis, and biomedicine. The unique properties of these nanoparticles depend on their physical and chemical attributes. Consequently, there is a growing interest in understanding the performance relationships through a nuanced comprehension of their controlled synthesis. This review explores the advancements related to precisely defined nickel nanoparticles, with a specific focus on unraveling the connections between performance and their physical/chemical characteristics. The emphasis is on elucidating how manipulating synthetic parameters, such as precursor concentration, reductant agent properties, temperature, time, and the presence of stabilizing agents, can provide additional avenues for refining the performance in terms of size and morphology. Through the analysis of each variable, we illustrate the methodology for synthesizing well-controlled nickel nanoparticles, showcasing the ability to exert precision over their composition, size, and surface morphology.