Quantum dots (QDs), a type of nanoparticles, have displayed promising applications within many scientific fields. A QD is a nanoscale semiconductor particle with unique quantum mechanical properties. These tiny structures, typically ranging from 1 to 10 nanometers in diameter, exhibit distinct electronic and optical behaviors due to their size-dependent quantum confinement effects. Their applications improve upon quality, energy consumption, and efficiency in LEDs, batteries, catalysts, solar energy, and more. This review article goes over the fundamentals of nanochemistry as a whole, before proceeding into more in-depth procedures on synthesizing quantum dots and delving into various applications today. The key points of this article are to introduce scholars who are new to the field of quantum dots in the fundamentals of quantum chemistry before elaborating on the improvements quantum dots have brought to many fields. This article covers in-depth enough to grasp most concepts behind these applications, but as a whole, this field is still relatively new, in which case new applications and improvements of quantum dots can be found. In the future, quantum dots may become a key to advancing society, with possible applications in medicinal processes, more efficient energy storage, better energy generation, and quantum computing, in addition to what QDs already improved within those fields.