Realizing promising materials for use in next-generation devices at the nanoscale is of enormous importance from both fundamental and applied perspectives. Nonmagnetic and magnetic metal nanowire (NW) arrays fabricated by template-based electrodeposition (ED) techniques have long been considered as good candidates for this purpose. In this review, we focus on the fabrication techniques and characterizations of electrochemically deposited NWs with single, binary, ternary and multilayered component structures mostly carried out in our group. Particular attention is paid to the crystalline and magnetic characteristics (coercivity, squareness, magnetic phase, interactions and magnetization reversal modes) of NW arrays embedded in mild and hard anodized anodic aluminum oxide (AAO) templates with different pore diameters. The pulsed alternating current ED technique is proposed as a versatile approach in high-efficiency filling of the AAO templates, while also allowing for tuning magnetic properties of the resultant NWs. The first-order reversal curve analysis is also highlighted as an advanced characterization tool for nanomagnet arrays. Finally, potential cutting-edge nanoscale applications (magnetic information storage, energy storage and conversion, electronics, biosensing, microwave absorption and giant magnetoresistance) of magnetic NWs are presented.