Dilute nitrides are novel III-V-N semiconductor alloys promising for a great variety of applications ranging from nanoscale light emitters and solar cells to energy production via photoelectrochemical reactions and to nano-spintronics. These alloys have become available in the one-dimensional geometry only most recently, thanks to the advances in the nanowire (NW) growth utilizing molecular beam epitaxy. In this review we will summarize growth approaches currently utilized for the fabrication of such novel dilute nitride-based NWs, discuss their structural, defect-related and optical properties, as well as provide several examples of their potential applications.