Directed energy deposition (DED) technology endows nickel-based high-temperature alloys with excellent mechanical properties and high-temperature stability by precisely regulating their microstructure. This article systematically summarizes the fluid dynamics behavior, solidification mechanism, microstructure evolution laws, and optimization strategies of the melt pool during the preparation process of DED. Research has shown that fluid motion dominated by the Marangoni effect in the molten pool significantly affects solidification morphology. The width of the molten pool is positively correlated with laser power, whereas an increase in scanning speed and powder feeding rate suppresses its depth. From the bottom to the top of the melt pool, the temperature gradient (G) decreases and the solidification rate (R) increases, promoting the transformation of the crystal structure from columnar to equiaxed transition (CET). The columnar crystals exhibit strong < 001 > texture growth along the construction direction. Element segregation (such as Nb, Mo, etc.) drives the precipitation of Laves phase, δ phase, and carbides, where brittle phases impair performance, while γ′ and γ′′ strengthening phases promote strength enhancement. By adjusting process parameters, introducing additives, and auxiliary processes, grain size refinement can be promoted while suppressing the precipitation of harmful phases. In the post heat treatment process, the synergistic effect of dual aging and solid solution treatment can dissolve Laves phase, promote the precipitation of γ′′ phase, and static recrystallization (SRX) can make the grains equiaxed, improve isotropy. At the same time, solid solution treatment above 1200 ℃ can achieve complete recrystallization. The optimized nickel-based alloy exhibits excellent performance in aerospace, energy, and medical fields. In the future, challenges such as micro heterogeneity, process interaction effects, and cost efficiency need to be overcome to promote the application of DED in extreme environmental material manufacturing.