Organic–inorganic hybrid perovskite quantum dots (QIHP‐QDs) have aroused widespread interest due to their superior photoelectric performance, quantum confinement effect, excellent photoelectric property, color‐tunability, and high photoluminescence quantum yield (PLQY) especially for QD‐based light‐emitting diodes (QLEDs). It is worth noting that a diverse selection of organic cations brings more adjustable optical properties to OIHP‐QDs compared with all‐inorganic perovskite QDs; thus the research on OIHP‐QDs has become a hit subject over recent years. This review summarizes the latest progress in synthesis strategy and optical property regulation of OIHP‐QDs in conjunction with the recent developments of their application in QLEDs. In addition, the current challenges limiting the applicability of QIHP‐QDs are discussed, and the development of OIHP‐QDs in the future is proposed.