This paper reviewed several recent progresses of the new powder metallurgy technology known as flake powder metallurgy (FPM) including different processing routes, conventional FPM (C-FPM), slurry blending (SB), shift-speed ball milling (SSBM), and high-shear pre-dispersion and SSBM (HSPD/SSBM). The name of FPM was derived from the use of flake metal powders obtained by low-speed ball milling (LSBM) from spherical powder. In this case, the uniformity of reinforcement distribution leads to increased strength and ductility. Powder is the basic unit in PM, especially advanced PM, and its control is key to various new PM technologies. The FPM is a typical method for finely controlling the powder shape through low-energy ball milling (LEBM) to realize the preparation of advanced material structures. The present paper represents a review of the main results of research on FPM and indicates the potential for future studies devoted to the optimization of this processing route.