Superalloys were initially intended to take care of the demand in the materials execution prerequisites of space vehicles, turbo chargers, supplies of heat treatments, turbine motors of aircrafts and numerous others. Among the iron, nickel and cobalt-based superalloys, Ni as primary constituent is gaining lot of significance because of the presence of good mechanical properties including oxidation resistance at high temperatures, and also resistance to creep with precipitation strengthening. Nickel-based alloys also offer repetitivity to strengthen the phases either by solid solutioning or by hardening precipitated phase which enhances strength at peak temperatures. Also, the nature of solid solutions, pressures and environments, phase stability at different temperatures, grain shape, size and distribution are the important parameters for the study of superalloys based on nickel. The performance of these will largely depend on the composition of the elements used for alloying. To impart all the required characteristics for a particular application, alloying elements should be considered in appropriate proportions. With this review, future research endeavour might focus on the modelling and development of nickel-based superalloys for high-temperature applications along with the characterization studies of these superalloys with optimum composition of the constituent elements for better performance. © 2020, Springer Nature Singapore Pte Ltd.