Boron powder is a kind of metal fuel with high gravimetric and volumetric calorific values, which has been widely used in military fields such as solid propellants, high-energy explosives, and pyrotechnics. However, the easily formed liquid oxide layer can adhere to the surface of boron powder and react with the hydroxyl (-OH) group of hydroxyl-terminated polybutadiene (HTPB) binder to form a gel layer that is detrimental to propellant processing and restricts the complete oxidation of boron powder. Therefore, to improve the combustion efficiency of boron powder, the ignition and combustion mechanisms of boron powder have been studied, and surface coating modification strategies have been developed by researchers worldwide, aiming to optimize the surface properties, improve the reaction activity, and promote the energy release of boron powder. In this review, recent studies on the ignition and combustion mechanisms of boron powder are discussed. Moreover, the reported boron powder coating materials are classified according to the chemical structure and reaction mechanism. Additionally, the mechanisms and characteristics of different coating materials are summarized, and the mechanism diagrams of fluoride and metal oxide are provided. Furthermore, promising directions for modification methods and the potential application prospects of boron powder are also proposed.