Materials and device architecture innovations are essential for further enhancing the performance of solar cells while potentially enabling their large-scale integration as a viable source of alternative energy. In this regard, tremendous research has been devoted in recent years with continuous progress in the field. In this article, we review the recent advancements in nanopillar-based photovoltaics while discussing the future challenges and prospects. Nanopillar arrays provide unique advantages over thin films in the areas of optical properties and carrier collection, arising from their three-dimensional geometry. The choice of the material system, however, is essential in order to gain the advantage of the large surface/interface area associated with nanopillars with the constraints different from those of the thin film devices.