Cadmium-based alloyed quantum dots are one of the most popular metal chalcogenides in both the industrial and research fields owing to their extraordinary optical and electronic properties that can be manipulated by varying the compositional ratio in addition to size control. This report aims to cover the main information concerning the synthesis techniques, properties, and applications of Cd-based alloyed quantum dots. It provides a comprehensive overview of the most common synthesis methods for these QDs, which include hot injection, co-precipitation, successive ionic layer adsorption and reaction, hydrothermal, and microwave-assisted synthesis methods. This detailed literature highlights the optical and structural properties of both ternary and quaternary quantum dots. Also, this review provides the high-potential applications of various alloyed quantum dots.