The surge in advancing the materials science of solid-state reactions for nanoscale contacts to advanced semiconductor devices necessitates a comprehensive dissemination and discussion on recent progress. The objective of this work is to review the notable developments in compound and alloy contact formation to nanoscale nanowire channels made of germanium, silicon, and their heterostructures, and to develop a unifying framework for understanding the significantly distinct reaction behaviors from those commonly observed in bulk. The Ni-based compound and alloy contacts are used as a platform to highlight the size-relevant, thermodynamic, and kinetic differences, and their key material, reaction, and electronic parameters and properties are summarized. Special attention is given to the interplay between the compound/alloy contact structure and the resultant electronic properties.