Quasi one-dimensional nanowires possess unique electrical, electronic, thermoelectrical, optical, magnetic and chemical properties, which are different from that of their parent counterpart. The physical properties of nanowires are influenced by the morphology of the nanowires, diameter dependent band gap, carrier density of states etc. Nanowires hold lot of promises for different applications. Basic electronic devices like junction diodes, transistors, FETs and logic gates can be fabricated by using semiconductor and superlattice nanowires. Thermoelectric cooling system can be fabricated by using metallic nanowires. Semiconductor nanowire junctions can be used for different opto-electronic applications. Moreover, periodic arrays of magnetic nanowires hold high potential for recording media application. Nanowires are also potential candidates for sensor and bio-medical applications.In the present article, the physical and chemical properties of nanowires along with their probable applications in different fields have been reviewed in detail. The review also includes highlights of the synthesis of nanowires via porous anodic aluminium oxide template since the technique is simple, cost-effective and a low temperature technique.