Solar energy is abundant, clean, and renewable, making it an ideal energy source. Solar cells are a good option to harvest this energy. However, it is difficult to balance the cost and efficiency of traditional thin-film solar cells, whereas nanowires (NW) are far superior in making high-efficiency low-cost solar cells. Therefore, the NW solar cell has attracted great attention in recent years and is developing rapidly. Here, we review the great advantages, recent breakthroughs, novel designs, and remaining challenges of NW solar cells. Special attention is given to (but not limited to) the popular semiconductor NWs for solar cells, in particular, Si, GaAs(P), and InP.