more attractive than backlight applications in terms of color accuracy, response time, and color gamut. It is considered a strong competitor of a new generation of highperformance display and lighting technology due to its huge potential in flexible wearables, low power consumption, and high color purity. [24,[29][30][31][32][33][34][35][36][37][38] In recent decades, due to a number of studies focusing on optimizing QDs materials and device structures, the performance of QLEDs has been significantly improved. The maximum external quantum efficiency (EQE) of the three primary colors (red, green, and blue) QLEDs has exceeded 20%. The T 50 operating lifetimes (the time for the brightness to decrease to 50% of the initial brightness) of the three primary colors QLEDs at an initial brightness of 100 cd m −2 reached 125 000 000, 2 570 000, and 24 000 h, respectively. [39,40] Constantly refreshed performance shows promising prospects, but poor device stability still hinders the commercialization of QLEDs.This review focuses on the development of materials and device physics for QLEDs. First, the unique optical advantages of QDs for display are presented in Section 2, and then the development history of the device structure is reviewed in Section 3. The two essential nodes in the commercialization process of QLEDs are efficiency and stability. Therefore, we discussed the carrier dynamics that have a decisive influence on the device efficiency in Section 4, including subthreshold turn-on which can reflect carrier injection and recombination behavior, charge transport modification, exciton generation process, and effect of charged QD on carrier dynamics. In Section 5, we emphasized the stability of the device, including operating stability, shelf stability, and efficiency roll-off. Finally, we presented the key issues and challenges, aiming to play a positive role in promoting the commercial application of QLEDs.