Powder brazing filler metals (PBFMs) feature a number of comparative advantages. Among others, these include a low energy consumption, an accurate dosage, a good brazeability, a short production time, and a high production efficiency. These filler metals have been used in the aerospace, automobile, and electric appliances industries. The PBFMs are especially suitable for diamond tools bonding, which involves complex workpiece shapes and requires accurate dosage. The recent research of PBFMs for diamond tools is reviewed in this paper. The current applications are discussed. The CuSnTi and Ni-Cr-based PBFMs have been the two commonly used monolayer PBFMs. Thus, the bonding mechanism at the interface between both the monolayer PBFMs and a diamond tool are summarized first. The ways to improve the performance of the monolayer PBFMs for diamond tools are analyzed. Next, a research of PBFMs for impregnated diamond tools is reviewed. The technical problems that urgently need solutions are discussed. Finally, the challenges and opportunities involved with the PBFMs for diamond tools research and development are summarized, and corresponding prospects are suggested.