<p>This article traces the evolution of quantum dots (QDs) from their initial discovery to growing technological impacts. We highlight the key breakthroughs in the development of colloidal QDs that have enabled precise control over their unique optical and optoelectronic properties. We also discuss a range of QD-based applications and address commercialization efforts. Finally, we examine ongoing challenges and emerging opportunities that are set to shape the future of QD research and technological advancement.</p> Graphical abstract <p></p>