Abstract: Amorphous alloys due to their unique microstructures exhibit high hardness, high strength, high wear resistance, high corrosion resistance, and a series of excellent properties, such as magnetic properties, hydrogen storage properties, and superconductivity. They have found application as a new generation of thermal spray materials, which are of interest in the engineering field. Since the 1980s, the preparation and application of bulk amorphous alloys have gradually become a research hotspot. However, preparing bulk amorphous alloys is seriously difficult and they have limited applications, hindering the replacement of conventional alloys and their wide use in various industries. As alternatives, amorphous alloy coatings have recently garnered research interest because of their similar properties to the bulk, lower cost, and wider applications. They are usually prepared by thermal spraying, which has great industrial applications. This article first introduced the theoretical framework of amorphous alloys and then the two aspects of wear resistance and corrosion resistance, expounded the research progress on the properties of thermally sprayed amorphous alloy coatings in detail, and systematically summarized the essential connection and fundamental contradiction of the wear resistance and corrosion resistance of amorphous alloy coatings. Finally, the limitations of thermal spraying for preparing amorphous alloy coatings were pointed out. Three problems are raised: (1) The basic theory of amorphous alloys is still in its infancy; (2) There are few types of alloy systems for preparing thermally sprayed amorphous alloy coatings; (3) The thermal spraying technology for preparing amorphous alloy coatings needs to be developed. Aiming at the above three problems, future research directions on the properties of thermally sprayed amorphous alloy coatings were proposed.