Advancement in modern manufacturing processes is allowing researchers to develop new alloy configurations for different applications to reduce weight and increase efficiency. Many alloy combinations are produced that randomly generate different phases of intermetallic compounds (IMCs) in the structure during manufacturing which show unique mechanical and chemical properties. But, the fundamental knowledge of different IMCs is scattered across the material research domain. Thus, in this review, the crystal structures of IMCs are thoroughly discussed which are having structural and functional applications. Furthermore, the issues associated with the dissimilar Fe‐Al, Fe‐Ni, and Ni‐Al systems via modern manufacturing processes such as arc additive manufacturing have been discussed. Moreover, detailed knowledge of ferro‐nickel, nickel‐aluminides, and ferro‐aluminides formed at the interface during the dissimilar deposition in modern manufacturing is provided. Currently, a few transition metal IMCs and some Heusler alloys, are the most promising and are used in applications. The addition of a third alloying element provides the broadening effect on the phase domain of a specific IMC. Furthermore, it has been observed that modern manufacturing processes such as additive manufacturing and others are new and advanced manufacturing technologies used for dissimilar metal deposition, which can control the IMCs in a more favorable direction.