Ultrathin gold nanowires (AuUNWs) and nanorods (AuUNRs) with diameters smaller than the critical dimension for quantization (similar to 2 nm), are a new class of anisotropic nanostructures. Due to their unique morphologies and specific electronic, optical, and mechanical properties, they hold promise for future application in strain sensors, photovoltaic and light-emitting diode devices, and catalysts. In this highlight review, we provide an overview of the current status and future prospects of their controlled syntheses, a characterization of their atomic structures and physicochemical and thermodynamic properties, and their usage in the fabrication of advanced devices.