Colloidal quantum dots (QDs), as a class of zero‐dimensional semiconductor materials, have generated widespread interest due to their adjustable band gap, exceptional color purity, near‐unity quantum yield, and solution‐processability. With decades of dedicated research, the potential applications of quantum dots have garnered significant recognition in both the academic and industrial communities. Furthermore, the related quantum dot light‐emitting diodes (QLEDs) stand out as one of the most promising contenders for the next‐generation display technologies. Although QD‐based color conversion films have been applied to improve the color gamut of existing display technologies, the broader application of QLED devices remains in its nascent stages, facing many challenges on the path to commercialization. This review encapsulates the historical discovery and subsequent research advancements in QD materials and their synthesis methods. Additionally, the working mechanisms and architectural design of QLED prototype devices are discussed. Furthermore, the review surveys the latest advancements of QLED devices within the display industry. The narrative concludes with an examination of the challenges and perspectives for QLED technology in the foreseeable future.This article is protected by copyright. All rights reserved