Silicon (Si) is used in various application fields such as solar cells and electric devices. Functionalization of Si nanostructures is one way to further improve the properties of these devices such as these. This Review summarizes recent results of solar cell and Li‐ion battery applications using Si‐related nanostructures. In solar cell applications, the light trapping effect is increased and the carrier recombination rate is decreased due to the short carrier collection path achieved by radially constructed p–n junction in Si nanowires, resulting in higher power conversion efficiency. The nonradiative energy transfer effect created by nanocrystalline Si is a novel way of improving solar cell properties. Si‐related nanostructures are also anticipated as new anode materials with higher capacity in Li‐ion batteries. Si‐related nanocomposite materials which show densely packed microparticle structures agglomerated with small nanoparticles are described here as a promising challenge. These unique structures show higher capacity and longer cycle properties.