In this work, we present a rigorous full-wave eigenanalysis for the study of nanoantennas operating at both terahertz (THz) (0.1–10 THz), and infrared/optical (10–750 THz) frequency spectrums. The key idea behind this effort is to reveal the physical characteristics of nanoantennas such that we can transfer and apply the state-of-the-art antenna design methodologies from microwaves to terahertz and optics. Extensive attention is given to penetration depth in metals to reveal whether the surface currents are sufficient for the correct characterization of nanoantennas, or the involvement of volume currents is needed. As we show with our analysis, the penetration depth constantly reduces until the region of 200 THz; beyond this point, it shoots up, requiring volume currents for the exact characterization of the corresponding radiating structures. The cases of a terahertz rectangular patch antenna and a plasmonic nanoantenna are modeled, showing in each case the need of surface and volume currents, respectively, for the antenna’s efficient characterization.