This article presents the results on a fabrication of silicon nanowires by a two‐step metal‐assisted chemical etching. Morphological and optical properties of the obtained silicon nanostructures depending on the type and resistivity of the initial silicon wafer have been studied. In addition, we have used the silicon nanowires as templates for zinc oxide and silver deposition. The resulting nanocomposites have been shown to demonstrate intensive photoluminescence and activity in the surface enhanced Raman scattering respectively. (© 2016 WILEY‐VCH Verlag GmbH & Co. KGaA, Weinheim)