Terrence Davidson began working for the rapper in 2010, creating multiple wigs for high-profile events and her Super Bass music video.
Mr Davidson claims he had previously discussed a joint business venture with Minaj to launch a line of wigs.
Representatives for Minaj have yet to comment on the legal action.
Mr Davidson says the star is now copying his wig designs and selling them online.
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According to legal papers filed in Atlanta, the hair stylist says he also turned down a contract for a reality TV show on the advice of one of Minaj's representatives, with the promise of creating his own reality show with the star about being a celebrity wig stylist.
But after months passed in 2012, he claims the rapper and her team "took active steps to isolate [him] and preclude him from the notoriety he deserved for his wig designs".
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Mr Davidson - whose celebrity clients also include singers Patti LaBelle and Jennifer Hudson - stopped working as Minaj's stylist in early 2013, citing creative differences.
Christopher Chestnut, a lawyer for the hair stylist, said his client's wigs "significantly contributed" to Minaj's notoriety and helped her rise to fame.
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He said the star "took a number of his popular wig designs, without his consent, and used them to start her own wig line", resulting in at least $30m in losses.
"Her lawyers may complicate it, but we don't need to get into intellectual-property law. "This is basic American morality. Nicki Minaj lied to this man and cheated him," he said.
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