As the name implies, Doskey was part of the old DOS command shell. It provided command-line editing, history functions for recalling commands, and a way to write macros, A similarly-named tool is still present in the 32-bit command shell provided by cmd.exe but its functions have been largely superseded. For example, if extensions are enabled (the default setting), a buffer that stores command- line entries provides for the easy recall of up to 50 previously entered commands without need for Doskey. Using the Up and Down arrow keys will navigate among previously entered commands. Unless you are working for long periods of time within the command console, I also see little advantage of macros over batch files. I include this page for completeness but I have not personally used Doskey for years.
Syntax and functions
The figure below summarizes the syntax for Doskey and its switches and functions.
Further description of Doskey can be found at this Microsoft reference.