Applications of nanowires into future generation nanodevices require a complete understanding of the mechanical properties of the nanowires. A great research effort has been made in the past two decades to understand the deformation physics and mechanical behaviors of nanowires, and to interpret the discrepancies between experimental measurements and theoretical predictions. This review focused on the characterization and understanding of the mechanical properties of nanowires, including elasticity, plasticity, anelasticity and strength. As the results from the previous literature in this area appear inconsistent, a critical evaluation of the characterization techniques and methodologies were presented. In particular, the size effects of nanowires on the mechanical properties and their deformation mechanisms were discussed.