Semiconductor nanowires (NWs), in particular Si NWs, have attracted much attention in the last decade for their unique electronic properties and potential applications in several emerging areas. With the introduction of heterostructures (HSs) on NWs, new functionalities are obtained and the device performance is improved significantly in many cases. Due to the easy fabrication techniques, excellent optoelectronic properties and compatibility of forming HSs with different inorganic/organic materials, Si NW HSs have been utilized in various configurations and device architectures. Herein, we review the recent developments in Si NW HS-based devices including the fabrication techniques, properties (e.g., light emitting, antireflective, photocatalytic, electrical, photovoltaic, sensing etc) and related emerging applications in energy generation, conversion, storage, and environmental cleaning and monitoring. In particular, recent advances in Si NW HS-based solar photovoltaics, light-emitting devices, thermoelectrics, Li-ion batteries, supercapacitors, hydrogen generation, artificial photosynthesis, photocatalytic degradation of organic dyes in water treatment, chemical and gas sensors, biomolecular sensors for microbial monitoring etc have been addressed in detail. The problems and challenges in utilizing Si NW HSs in device applications and the key parameters to improve the device performance are pointed out. The recent trends in the commercial applications of Si NW HS-based devices and future outlook of the field are presented at the end.