Nickel boride is widely used as a catalyst in organic synthesis, particularly for hydrogenation reactions. It selectively reduces alkenes, alkynes, nitriles, and nitro compounds under mild conditions. It is especially valued in the partial hydrogenation of alkynes to alkenes without over-reduction to alkanes.

In addition, nickel boride serves as a catalyst in hydrodenitrogenation and hydrodesulfurization processes, making it useful in refining petroleum and removing heteroatoms from organic molecules.

It is also employed in electroless nickel plating, where it enhances the deposition of nickel-boron alloy coatings on metals and plastics, providing improved hardness, wear resistance, and corrosion protection. These coatings are used in automotive, aerospace, and electronics industries.

Nickel boride finds application in fuel cells and electrocatalysis due to its ability to facilitate hydrogen evolution reactions, contributing to energy conversion technologies.