Both axial and radial junction nanowire solar cells have their challenges and advantages. However, so far, there is no review that explicitly provides a detailed comparative analysis of both axial and radial junction solar cells. This article reviews some of the recent results on axial and radial junction nanowire solar cells with an attempt to perform a comparative study between the optical and device behavior of these cells. In particular, we start by reviewing different results on how the absorption can be tuned in axial and radial junction solar cells. We also discuss results on some of the critical device concepts that are required to achieve high efficiency in axial and radial junction solar cells. We include a section on new device concepts that can be realized in nanowire structures. Finally, we conclude this review by discussing a few of the standing challenges of nanowire solar cells.