Nanowires and nanoparticles are envisioned as important elements of future technology and devices, owing to their unique mechanical properties. Metallic nanowires and nanoparticles demonstrate outstanding size-dependent strength since their deformation is dislocation nucleation-controlled. In this context, the recent experimental and computational studies of nucleation-controlled plasticity are reviewed. The underlying microstructural mechanisms that govern the strength of nanowires and the origin of their stochastic nature are also discussed. Nanoparticles, in which the stress state under compression is nonuniform, exhibit a shape-dependent strength. Perspectives on improved methods to study nucleation-controlled plasticity are discussed, as well the insights gained for microstructural-based design of mechanical properties at the nanoscale.