The 100 GHz-class ultrafast photonic integrated circuit (PIC) positions itself as a promising technology in the post-Moore era, when the bandwidth limit of metallic interconnections constrains current electronic integrated circuits. Nevertheless, the lack of an effective on-chip, CMOS-compatible laser source challenges the ongoing development of PIC. Germanium straintronics facilitate bandgap transformation from indirect to direct, thereby enabling effective band-to-band radiative recombination. Some parameters, such as nanowire diameters or crystalline orientation and strain direction, have a profound effect on the bandgap transformation of Ge nanowires. In this review, we will discuss changes in the fundamental physical properties of Ge nanowires under strain, including mechanical, electronic, optical, and thermal properties. Subsequently, we summarize common methods for strain engineering, as well as novel approaches that have emerged in recent years. Some notable application cases reported in the last few decades will be discussed in detail. This review may fill knowledge gaps and provide a solid background for forthcoming investigations of on-chip strained Ge lasers.