Novel solar power technologies are constantly evolving and improving, and this is seen as a potential way to meet the increasing demand for electricity and energy on a global scale. Quantum dot solar cells (QDSCs) are one of the most optimistic third‐generation solar cells. Because of the superior qualities, such as its size, tuneable bandgap, high stability, and extremely low cost, quantum dots (QDs) have drawn a lot of attention in photovoltaic applications for highly effective solar cells. Herein, WO3 is utilized as the electron transport layer (ETL), MoTe2 as the hole transport layer (HTL), and lead sulfate treated with tetrabutylammonium iodide (PbS‐TBAI) as the QD absorber layer. Overall optimization still represents an obstacle to raise the efficiency of QDSC. Temperature, series–shunt resistance, and absorber layer thickness are optimized, and further analysis is done for overall optimization on the contour plot of electron affinities of HTL and ETL. For all aspects of simulation work, the SCAPS‐1D simulator program is employed. Fill factor 85.96%, open‐circuit voltage 923.7 mV, short‐circuit density 38.61 mA cm−2, and power conversion efficiency 30.66% are the values of the optimized performance parameters. The improved high efficiency of the proposed device can pave for the fabrication of QDSC.