Silicon‐based optoelectronic devices, including silicon‐based lasers and silicon‐based photodetectors (PDs), are essential parts for silicon‐based optoelectronic integration. With the advancement of material epitaxy technologies such as metal–organic chemical vapor phase epitaxy (MOCVD) and molecular beam epitaxy (MBE), it has become possible to integrate III–V semiconductor optoelectronic devices, especially by monolithic growth, with low‐cost and large‐sized silicon substrates. However, the differences in material properties such as lattice constant, polarity, and thermal expansion coefficient between III–V materials and silicon lead to tremendous challenges in monolithic growth. In recent years, the unique three‐dimensional quantum confinement and defect insensitivity characteristics of quantum dots have greatly improved the performance of optoelectronic devices. This article reviews recent research progress in monolithic growth and optoelectronic devices of III–V semiconductor materials on silicon substrates, emphasizing the development of silicon‐based quantum dot optoelectronic devices.