Boron nitride quantum dots (BNQDs) have gained increasing attention for their versatile fluorescent, optoelectronic, chemical, and biochemical properties. During the past few years, significant progress has been demonstrated, started from theoretical modeling to actual application. Many interesting properties and applications have been reported, such as excitation-dependent emission (and, in some cases, non-excitation dependent), chemical functionalization, bioimaging, phototherapy, photocatalysis, chemical, and biological sensing. An overview of this early-stage research development of BNQDs is presented in this article. We have prepared un-bias assessments on various synthesis methods, property analysis, and applications of BNQDs here, and provided our perspective on the development of these emerging nanomaterials for years to come.