Additive manufacturing, a quintessential disruptive manufacturing technology, empowers the production of intricate structures that are arduous to fabricate via traditional manufacturing approaches. It achieves this through “bottom-up” material accumulation. Cold spraying additive manufacturing technology, characterized by the high-speed collision deposition of solid-state metal powder, showcases remarkable technical advantages and application potential. This paper comprehensively deliberates on the concept, evolution, technological merits, and challenges of cold spraying additive manufacturing. Special emphasis is placed on its typical applications in the repair and remanufacturing of damaged components. The research reveals that cold spraying additive manufacturing technology presents benefits such as high deposition efficiency, strong bonding strength, and excellent coating density. Notably, it shows in the preparation of high-strength and high-plasticity deposition bodies, as well as the repair of complex components. Nevertheless, the technology still grapples with several challenges. These include inadequate deposition plasticity and toughness, a propensity for thin-walled components to deform and crack, and the relatively short lifespan of the nozzle. This paper synthesizes the research advancements of cold spraying additive manufacturing technology, pinpoints future development trends, and offers theoretical references and practical guidelines for the extensive application of this technology in aerospace, automotive manufacturing, and other sectors.