Quantum dots (QDs) of lead chacogenides (e.g. PbS, PbSe and PbTe) are attractive near-infrared (NIR) active materials that show great potential in a wide range of applications such as photovoltaics (PV), optoelectronics, sensors, bio-electronics and many others. The successful utilization of these functional materials requires deep understanding of their synthesis, properties and material modification process. The surface ligand plays an essential role in the production of QDs, post-synthesis modification and their integration to practical applications. Therefore, it is critically important that the influence of surface ligands on the synthesis and property of QDs is well understood for their applications in various devices. Present review elaborates the application of colloidal synthesis techniques for the preparation of lead chalcogenide based QDs. We specifically focus on the influence of surface ligands on the synthesis of QDs and their solution phase ligand exchange. Given the importance of lead chalcogenide QDs as potential light harvesters, we also pay particular attention to the current progress of these QDs in PV applications. This review concludes by providing some important research directions for the future use of lead chalcogenide QDs in solar cells.