Colloidal quantum dots (QDs) have attracted intense attention in both fundamental studies and practical applications. To date, the size, morphology, and composition-controlled syntheses have been successfully achieved in II-VI semiconductor nanocrystals. Recently, III-nitride semiconductor quantum dots have begun to draw significant interest due to their promising applications in solid-state lighting, lasing technologies, and optoelectronic devices. The quality of nitride nanocrystals is, however, dramatically lower than that of II-VI semiconductor nanocrystals. In this review, the recent development in the synthesis techniques and properties of colloidal III-V nitride quantum dots as well as their applications are introduced.