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In this paper, we reviewed the recent literature on quantum dot lasers. First, we started with the physics of quantum dots. These nanostructures provide limitless opportunities to create new technologies. To understand the applications of quantum dots, we talked about the quantum confinement effect versus dimensionality and different fabrication techniques of quantum dots. Secondly, we examined the physical properties of quantum dot lasers along with the history and development of quantum dot laser technology and different kinds of quantum dot lasers compared with other types of lasers. Thirdly, we made a market search on the practical usage of quantum dot lasers. Lastly, we predicted a future for quantum dot lasers.