Nickel (Ni) thin films are commonly used in the integrated circuit field. Magnetron sputtering is a common method for thin film deposition, and the sputtering target is the key raw material in the magnetron sputtering process. In this work, cold-rolled and annealed Ni targets were prepared. The microstructures and magnetic properties of the Ni targets were analyzed. Then, Ni films were prepared by direct current magnetron sputtering with the above two Ni targets. The Ni films were characterized by scanning electron microscopy, atomic force microscopy, grazing incidence x-ray diffraction, x-ray reflectivity, and four-probe testing. Finally, the surface morphologies of the targets were compared before and after sputtering, and the relationships between the Ni targets and the Ni films were discussed. The results show that with the same conditions, the annealed Ni target is more efficiently utilized, and the electrical properties of the Ni films are good when the film is macrostructurally smooth and microstructurally compact. This is due to the target texture, magnetic properties, etc.