Over the past decades, the progress in the growth of materials which can be applied to cutting-edge technologies in the field of electronics, optoelectronics and energy harvesting has been remarkable. Among the various materials, group III-V semiconductors are of particular interest and have been widely investigated due to their excellent optical properties and high carrier mobility. However, the integration of III-V structures as light sources and numerous other optical components on Si, which is the foundation for most optoelectronic and electronic integrated circuits, has been hindered by the large lattice mismatch between these compounds. This mismatch results in substantial amounts of strain and degradation of the performance of the devices. Nanowires (NWs) are unique nanostructures that induce elastic strain relaxation, allowing for the monolithic integration of III-V semiconductors on the cheap and mature Si platform. A technique that ensures flexibility and freedom in the design of NW structures is the growth of ternary III-V NWs, which offer a tuneable frame of optical characteristics, merely by adjusting their nominal composition. In this review, we will focus on the recent progress in the growth of ternary III-V NWs on Si substrates. After analysing the growth mechanisms that are being employed and describing the effect of strain in the NW growth, we will thoroughly inspect the available literature and present the growth methods, characterization and optical measurements of each of the III-V ternary alloys that have been demonstrated. The different properties and special treatments required for each of these material platforms are also discussed. Moreover, we will present the results from the works on device fabrication, including lasers, solar cells, water splitting devices, photodetectors and FETs, where ternary III-V NWs were used as building blocks. Through the current paper, we exhibit the up-to-date state in this field of research and summarize the important accomplishments of the past few years.