Cold spray has become a prominent deposition technology for coating, repair, and restoration in many industries, such as the aerospace, automotive, and power generation industries. It also has the potential to be used as an alternative overlay restoration for power plant components as it has minimal thermal distortion phase changes, as compared to conventional welding and thermal spray. This article aims to bridge the gap in the scientific literature by presenting a comprehensive review of cold spray in the context of power plant components. Firstly, this review examines the challenges of cold spray and subsequently elucidates effective mitigation strategies. Secondly, the review analyses the recent development of cold spray in the field of coating application. Moving forward, it investigates the integration of cold spray technology in repair applications, focusing on practical implementation and effectiveness. Finally, the review presents the overall impact of cold spray, its current outlook, and discusses future prospects. As such, the review will provide the community with a broad understanding of cold spray applications in the power plant sector.