The development of composite/nanocomposite coatings on various surfaces based on electroless process has much interest among researchers due to their enhanced mechanical, electrical, magnetic, and optical properties compared with their metallic or alloy counterparts. These coatings have shown many applications in automotive, aerospace and industrial fields with unique characteristics obtained by the incorporation of secondary particles as reinforcement at micro or nanoscale in the matrix. However, properties of the product depend upon not only the nature of secondary particle used but also the specific characteristics of the metal matrix. This paper critically reviews the recent developments in micro and nanostructured metallic composite coatings formed by electroless coating techniques and retrospect into the various mechanisms of the electroless coating process, its preparation with different metallic systems, properties, and applications in detail.