This article presents a state-of-the-art overview on indispensable aspects of polymer/ nanowire nanocomposites. Nanowires created from polymers, silver, zinc, copper, nickel, and aluminum have been used as reinforcing agents in conducting polymers and non-conducting thermoplastic/thermoset matrices such as polypyrrole, polyaniline, polythiophene, polyurethane, acrylic polymers, polystyrene, epoxy and rubbers. This review presents the combined influence of polymer matrix and nanowires on the nanocomposite characteristics. This review shows how the nanowire, the nanofiller content, the matrix type and processing conditions affect the final nanocomposite properties. The ensuing multifunctional polymer/nanowire nanocomposites have high strength, conductivity, thermal stability, and other useful photovoltaic, piezo, and sensing properties. The remarkable nanocomposite characteristics have been ascribed to the ordered nanowire structure and the development of a strong interface between the matrix/nanofiller. This review also refers to cutting edge application areas of polymer/ nanowire nanocomposites such as solar cells, light emitting diodes, supercapacitors, sensors, batteries, electromagnetic shielding materials, biomaterials, and other highly technical fields. Modifying nanowires and incorporating them in a suitable polymer matrix can be adopted as a powerful future tool to create useful technical applications.