Colloidal quantum dots (CQDs) are freestanding, confinement-based energy-band-tunable materials that enable the formation of thin-film device structures for various optoelectronic applications. Group III−V CQDs (InP, InAs, and InSb) without toxic elements such as Cd, Pb, and Hg are currently being extensively explored, as the covalent crystal nature in bonding can provide robustness toward external stresses. Despite successful implementation in specific areas, such as CQD-based light downconversion optoelectronics, most state-of-the-art group III−V CQD-based devices still suffer from low efficiency compared to other CQD-based devices. In this Focus Review, we address the challenges specific to efficient group III−V CQD-based optoelectronics design and fabrication and highlight recent approaches for overcoming these challenges, in view of synthesis, surface modification, and effective carrier modulation. Finally, we discuss the perspectives and outlook for achieving efficient group III−V CQD optoelectronics.