There are high expectations for coated conductors in electric power applications such as superconducting magnetic energy storage (SMES) systems, power cables, and transformers owing to their ability to contribute to stabilizing and increasing the capacity of the electric power supply grid as well as to reducing CO2 emission as a result of their high critical-current characteristics. Research and development has been performed on wires/tapes and electric power devices worldwide. The Materials and Power Applications of Coated Conductors (M-PACC) Project is a five-year national project in Japan started in 2008, supported by the Ministry of Economy, Trade and Industry (METI) and the New Energy and Industrial Technology Development Organization (NEDO), to develop both coated conductors that meet market requirements and basic technologies for the above-mentioned power applications using coated conductors. In this article, research and development results are reviewed and compared with the interim/final targets of the project, and future prospects are discussed.