High quality factor and small mode volume in nanocavities enable the demonstration of efficient nanophotonic devices with low power consumption, strong nonlinearity, and high modulation speed, due to the strong light-matter interaction. In this review, we focus on recent state-of-the-art nanocavities and their applications. We introduce single nanocavities including semiconductor nanowires, plasmonic cavities, and nanostructures based on quasi-bound states in the continuum (quasi-BIC), for laser, photovoltaic, and nonlinear applications. In addition, nanocavity arrays with unique feedback mechanisms, including BIC cavities, parity-time symmetry coupled cavities, and photonic topological cavities, are introduced for laser applications. These various cavity designs and underlying physics in single and array nanocavities are useful for the practical implementation of promising nanophotonic devices.