Strain is an unavoidable feature of the nanostructures grown by different synthesizing techniques due to several factors like lattice mismatching with substrate, different growth parameters, etc. Part of strain could be released by post-growth treatment such as annealing, detaching sample from substrate and giving further strain. Researchers have worked on minimizing the intrinsic strain for better performances of grown nanostructures and enhancing the stability. But about four decades ago, strain engineering has taken another level of research interest as strain modifies the nanostructures mechanical, electronic and optical properties. Those modifications are beneficial for novel flexible device applications. Thus, nowadays, research related to strain on both one- and two-dimensional nanostructures has boost up for exploring new features, thereby paving the way for future stretchable novel devices. In this article, we first concentrate on the investigations of various strain-related effects on the properties of one-dimensional nanostructures and its advantages. Finally, we discuss the challenges and future opportunities on strain-induced effects.