The paper presents an overview of current and prospective applications of Ni₃Al based intermetallic alloys—modern engineering materials with special properties that are potentially useful for both structural and functional purposes. The bulk components manufactured from these materials are intended mainly for forging dies, furnace assembly, turbocharger components, valves, and piston head of internal combustion engines. The Ni₃Al based alloys produced by a directional solidification are also considered as a material for the fabrication of jet engine turbine blades. Moreover, development of composite materials with Ni₃Al based alloys as a matrix hardened by, e.g., TiC, ZrO₂, WC, SiC and graphene, is also reported. Due to special physical and chemical properties; it is expected that these materials in the form of thin foils and strips should make a significant contribution to the production of high tech devices, e.g., Micro Electro-Mechanical Systems (MEMS) or Microtechnology-based Energy and Chemical Systems (MECS); as well as heat exchangers; microreactors; micro-actuators; components of combustion chambers and gasket of rocket and jet engines as well components of high specific strength systems. Additionally, their catalytic properties may find an application in catalytic converters, air purification systems from chemical and biological toxic agents or in a hydrogen “production” by a decomposition of hydrocarbons.