The increasing demand for batteries with high-energy densities for applications such as electric vehicles necessitates a paradigm shift from the use of conventional graphite as anodes. Li metal is spotlighted as a replacement for graphite due to its ultrahigh theoretical capacity (3860 mAh g−1). However, Li metal foil is plagued with limited cycle life and safety concerns due to poor Coulombic efficiency and uncontrollable growth of Li dendrites. To overcome these challenges, utilizing Li metal in powder form instead of the conventional foil proves to be advantageous. The anode consisting of spherical-shaped Li metal powders (LMPs) has a larger surface area than Li metal foil, resulting in a lower effective current density. Furthermore, using the powder-based slurry process facilitates the fabrication of large-area and thin-film (≤20 μm) Li anodes. In this review, the various fabrication methods and surface stabilization techniques of LMPs are summarized with their associated patents. Also, research trends with regard to LMP-based anodes toward high-performance Li metal batteries (LMBs) are carefully presented. Additionally, the application of LMPs as prelithiation agents in electrode active materials for batteries and capacitors is outlined. Finally, perspectives are suggested regarding the future of LMPs to accelerate the commercialization of advanced LMBs.