GaAs-based nanowires (NWs) have a great potential for applications in photonics and optoelectronics, partly owing to flexibility in band structure engineering via alloying, strain and structural polymorphism. Among promising GaAs-based materials for device applications are highly mismatched GaNAs and GaAsBi alloys. The giant bowing in the bandgap energy characteristic for these materials allows easy tuning of emission wavelengths, while other modifications of their electronic structure promise to improve performance of infrared lasers and solar cells. In this talk we will review our recent results related to the electronic properties of novel GaNAs and GaAsBi NWs and provide several examples highlighting their advantages.First of all, we will show that a GaNAs-based mutishell NW can be used as an efficient coherent photon source, where the NW acts both as a miniaturized optical resonator and as a photonic gain medium. Its wavelength can be efficiently tuned by minor changes in N composition, e.g. down to 1 µm with only 2.5 % of nitrogen [1]. The lasing mode is found to arise from the fundamental HE11a mode of the Fabry-Perot cavity from a single NW, exhibiting optical polarization along the NW axis. Moreover, due to superior nonlinear properties of GaNAs, self-frequency conversion of the stimulated emission through second harmonic generation and sum-frequency generation is observed, providing coherent light emission in the cyan-green range.Secondly, we will demonstrate that alloying of GaAs with N and/or Bi leads to the formation of self-assembled quantum dots (QDs) embedded in NWs and, therefore, is an efficient way to fabricate hybrid QD-NW structures with high optical quality. In the case of dilute nitrides, optically active and highly localized QD states are formed due to local fluctuations in N composition [2], whereas in dilute bismides they are caused by Bi segregation at twin planes [3]. Such QDs act as single photon emitters, promising for application in quantum communication technologies.And finally, we will show that favorable band alignment at the interface between a dilute nitride alloy and parental N-free material leads to very efficient energy upconversion due to two-step two-photon absorption in the related NW heterostructures, with the efficiency of this process being among the highest reported in semiconductor nanostructures. Specifically, we show [4] that, in radial GaAs(P)/GaNAs(P) core/shell NW heterostructures, the upconversion efficiency increases by 500 times as compared with that of the constituent materials, even under an excitation power as low as 100 mW/cm2 that is comparable to the one-sun illumination. The upconversion efficiency can be further improved by 8 times through engineering the electric-field distribution of the excitation light inside the NWs so that light absorption is maximized within the desired region of the heterostructure.