Diamond is known as the ultimate semiconductor material for electric devices with excellent properties such as an ultra-wide bandgap (5.47 eV), high carrier mobility (electron mobility 4000 cm2/V·s, hole mobility 3800 cm2/V·s), high critical breakdown electric field (20 MV/cm), and high thermal conductivity (22 W/cm·K), showing good prospects in high-power applications. The lack of n-type diamonds limits the development of bipolar devices; most of the research focuses on p-type Schottky barrier diodes (SBDs) and unipolar field-effect transistors (FETs) based on terminal technology. In recent years, breakthroughs have been made through the introduction of new structures, dielectric materials, heterogeneous epitaxy, etc. Currently, diamond devices have shown promising applications in high-power applications, with a BV of 10 kV, a BFOM of 874.6 MW/cm2, and a current density of 60 kA/cm2 already realized. This review summarizes the research progress of diamond materials, devices, and specific applications, with a particular focus on the development of SBDs and FETs and their use in high-power applications, aiming to provide researchers with the relevant intuitive parametric comparisons. Finally, the paper provides an outlook on the parameters and development directions of diamond power devices.