It is used in electroplating and as a catalyst for organic conversions, for example in chemo-selective thioacetalization of aldehydes. In combination with lithium aluminum hydride, it serves as a reducing agent for alkenes, alkynes, and organic halides; it can cleave N-O bond and open epoxides. It is used to prepare a wide array of complexes since water ligands can be easily replaced by amines, thioether, ammonia, and thiolates. It is a precursor to several nickel-phosphine complexes, such as bis(triphenylphosphine)nickel(II) chloride, which are used in alkyne trimerizations, carbonylations, and as catalysts in organic reactions such as Suzuki-Miyaura cross coupling reactions as an alternative to palladium(0) catalysts. It is the precursor to acetylacetonate complex of Ni, used for producing 1,5-cyclooctadiene complex, an important reagent in organonickel chemistry. It can be used to prepare the sandwich compound nickelocene through dimethoxyethane complex of nickel chloride.

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