This review summarizes the main research results of the studies on NiAl alloys supported by state 863 projects from “7th Five-Year” to “9th Five-Year”, four general projects of the national natural science funds, one key program, one subproject of a major project, and key projects of national defense and military industry during “9th Five-Year” and “10th Five-year’ since 1988, emphatically introducing the five main findings: (1) the superplasticity and its mechanisms of the NiAl alloys, (2) mechanisms of strengthening and toughening of nanocrystalline NiAl and its excellent high temperature stability, (3) strengthening and toughening of in-situ particle-reinforced NiAl composites and amorphous layer at interface, (4) self-lubrication wear-resistant behavior of NiAl alloys and its mechanism, and (5) the effect of precipitate-strengthening of element Hf in NiAl eutectic alloy and develop of JJ3 alloy.