As material size decreases into the nano size regime, novel properties arise that are different from their molecular and bulk counterparts. Due to the size and shape effects in this regime, a nanoparticle’s morphology has a profound effect on its properties. Fundamentally, isotropic nanomaterials have properties and functionalities that do not depend on spatial orientation, while anisotropic nanomaterials have properties and functionalities that are determined by their orientation within the x, y, and z dimensions. The distinctive spatial behavior of anisotropic structures creates unexpected properties and applications that are not available in isotropic nanostructures. This presentation addresses the effect of dimensionality on the optical, electronic, chemical, and physical assets of various uniquely shaped nanomaterials, namely noble metal (Au, Ag, Pd) and/or metal oxide (Fe2O3, SiO2), and how physical and chemical relationships can be exploited to improve their properties. Applications pertinent to sensing, photo-/magneto- thermal and energy-related applications will be described.