Solution-processed CdTe nanocrystals (NCs) photovoltaic devices have many advantages, both in commercial manufacture and daily operation, due to the low-cost fabrication process, which becomes a competitive candidate for next-generation solar cells. All solution-processed CdTe NCs solar cells were first reported in 2005. In recent years, they have increased over four-fold in power conversion efficiency. The latest devices achieve AM 1.5 G power conversion efficiency up to 12.0%, values comparable to those of commercial thin film CdTe/CdS solar cells fabricated by the close-space sublimation (CSS) method. Here we review the progress and prospects in this field, focusing on new insights into CdTe NCs synthesized, device fabrication, NC solar cell operation, and how these findings give guidance on optimizing solar cell performance.