Nanostructures are playing significant roles in the development of new functions and the enhancement of the existing functions of industrial devices such as sensors, transistors, diodes, lithium-ion batteries, and photovoltaic cells, due to their piezoelectricity, biocompatibility, and pyroelectrical characteristics. This research focused on the review of the characteristics of different nanostructures and nanomaterials such as ZnO, ZnS, MoS2, GO, TiO2, SnO2, and Fe2O3, their fabrication techniques, growth mechanisms, and applications. The factors affecting the growth mechanisms, the crystallographic natures, growth models of anisotropic nanostructures, and growth of nanocrystals, were also highlighted in this research. The existence of lattice mismatch, differential thermal expansion, and high deposition temperature, have affected uniform deposition of nanoparticles on substrates and caused heteroepitaxy, which has resulted in defective nanostructures. Although heteroepitaxy has negatively affected the characteristics and potential applications of nanostructures, it has also opened new research frontiers for potential new applications of nanostructures. The use of nanostructures for gas sensing is attributed to the high specific area, change of resistance on exposure to gases, and high photoconduction abilities, while the photon-carrier collection abilities and anti-reflectance qualities are vital for solar photovoltaic cells. Nanostructures have also been used as coating pigments to prevent corrosion of facilities, reduce urban heat islands and energy consumptions, due to the near infrared (NIR) reflective characteristics.