Transition metal phosphides are a new class of materials that have attracted enormous attention as a potential electrode for supercapacitors (SCs) compared to metal oxides/hydroxides and metal sulfides due to their strong redox-active behaviour, good electrical conductivity, layered structure, low cost, and high chemical and thermal stability. Recently, several efforts have been made to develop nickel phosphides (NixPy) (NPs) for high-performance SCs. The electrochemical properties of NPs can be easily tuned by several innovative approaches, such as heteroatom doping, defect engineering, and developing a hollow architecture. The prospects of NPs as a positive electrode in hybrid SCs are summarized to understand the material's practical relevance. Finally, the challenges and perspectives are provided for the development of high-performance NPs for SCs. The thorough elucidation of the structure-property-performance relationship offers a guide for developing NP-based next-generation energy-storage devices.