The development of new techniques for material manipulation at the nanoscale, as well as advanced numerical tools for material design, has opened up new prospects in the engineering of novel low-dimensional systems with properties specifically designed for applications in different fields, from photonics to energy conversion. Zero-, one-, and two-dimensional nanosystems show unique electronic, optical, and transport properties that can be tuned, for instance, by size reduction, passivation, and doping. In this talk, we discuss ab-initio results obtained in the study of structural, electronic, and optical properties of low-dimensional systems, in particular focusing on silicon, germanium, and silicon/germanium nanostructures. The analysis of mechanisms that can be exploited to tune Auger recombination and carrier multiplication processes, as well as of those that affect the formation of the band offset (Type I and Type II) at the nanoscale, will be discussed. At the end, effects induced by anion ordering on electronic and optical properties of metal oxynitrides will be analyzed.