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Quantum dots (QDs) with ultrahigh surface‐to‐volume ratio, abundant edge active sites, forceful quantum confinement and other remarkable physio‐chemical properties, have garnered considerable research interest. MXene QDs, as an emerging member of them, have also attracted wide attention in the last six years, and shown great achievements in many fields. This critical review systematically summarizes the various methods for synthesizing MXene QDs. The characteristics and corresponding applications of various MXene QDs are also presented. The advantages and disadvantages of various synthetic methods, and the limitations of corresponding MXene QDs are compared and highlighted. Finally, the challenges and perspectives of synthesizing MXene QDs are proposed. We hope this review will enlighten researchers to the fabrication of more advancing and promising MXene‐based QDs with proprietary properties in diverse applications.