Colloidal quantum dots (QDs) have been widely studied as absorbers for various solar technologies because of their excellent optoelectronic properties, such as a size-dependent absorption spectrum, efficient charge separation and transport, and good photostability. During the last decade, major research initiatives have been pursued to elucidate the structure-dominated optoelectronic properties with the goal of maximizing overall solar-device power-conversion efficiency. In this review, we discuss the chemical synthesis methods and the properties of these QDs and emphasize their applications in solar cells, solardriven hydrogen production, and luminescent solar concentrator devices. We describe recent research advances in this rapidly growing field by highlighting various strategies developed for the synthesis of QDs with different structure and composition. We also describe available approaches for tuning charge dynamics in QDs and metal oxides. Finally, we introduce several types of solar devices based on QDs and discuss their fabrication and performance. We also discuss challenges to be addressed for the controlled synthesis of QDs.