Quantum dot light‐emitting diodes (QLEDs), owing to their exceptional performances in device efficiency, color purity/tunability in the visible region and solution‐processing ability on various substrates, become a potential candidate for flexible and ultrathin electroluminescent (EL) lighting and display. Moreover, beyond the lighting and display, flexible QLEDs are enabled with endless possibilities in the era of the internet of things and artificial intelligence by acting as input/output ports in wearable integrated systems. Challenges remain in the development of flexible QLEDs with the goals for high performance, excellent flexibility/even stretchability, and emerging applications. In this paper, the recent developments of QLEDs including quantum dot materials, working mechanism, flexible/stretchable strategies and patterning strategies, and highlight its emerging multifunctional integrations and smart applications covering wearable optical medical devices, pressure‐sensing EL devices, and neural smart EL devices, are reviewed. The remaining challenges are also summarized and an outlook on the future development of flexible QLEDs made. The review is expected to offer a systematic understanding and valuable inspiration for flexible QLEDs to simultaneously satisfy optoelectronic and flexible properties for emerging applications.