To alleviate the volume expansion and improve the electrical conductivity of silicon monoxide (SiO) anode materials for lithium-silicon batteries, porous SiO (P-SiO) was prepared by silver-assisted chemical etching, and then porous SiO/Ni (P-SiO/Ni) composites were prepared by electroless Ni plating. The effect of SiO particle size on the microstructure of P-SiO and its electrochemical properties and the effect of Ni+ concentration in the plating solution on the microstructure of P-SiO/Ni and its electrochemical properties were systematically investigated, and the process mechanism of the preparation porous SiO by silver assisted chemical etching was firstly clarified. The results show that both the refinement and porosity of the SiO raw material are beneficial to alleviate the volume expansion of the P-SiO electrodes during the lithiation and delithiation process, and thus improve their the electrochemical performance. The electroless plating of nickel on the surface of P-SiO is also beneficial to further alleviate the volume expansion and increase the electrical conductivity of P-SiO electrode, thus further improving its specific capacity and cycling stability, the P-SiO/Ni anode with 3.03 wt% Ni content prepared at the Ni2+ concentration of 13 g/L has the best electrochemical performance, which the first discharge specific capacity reaches 1725.67 mAh/g, the first coulomb efficiency reaches 69.53%, and the reversible specific capacity after 200 cycles reaches 811.34 mAh/g at 1 A g−1 with a capacity retention rate of 62.39%.