Solution‐processable colloidal quantum dots (QDs) are regarded as promising light emitters for next‐generation displays owing to their high photoluminescence quantum yield (PLQY) and broad color tunability. Even though cadmium (Cd)‐based QDs and relevant electroluminescent light‐emitting diodes (LEDs) progressed rapidly, their commercial deployment remains prohibited due to potential environmental concerns. In this review, recent advances in synthesizing eco‐friendly, bright, and color‐pure emitting QDs including InP, ZnSeTe, and AgInGaS2 (AIGS) QDs toward high‐performing LEDs are presented. In particular, the synthetic strategies such as regulating the composition, core/shell structure, and surface ligands of QDs for enhancing the PLQY and reducing the spectral bandwidth are comprehensively discussed. Moreover, various techniques to obtain high‐performance QDs‐based LEDs (QLEDs) involving device architecture and interface engineering as well as modification in electron and hole transport layers are overviewed. Finally, the existing challenges and outlook regarding the optimization of QD's synthesis and optical properties for boosted QLEDs device performance are put forward to enable prospective advanced displays.