In quantum-confined semiconductor nanostructures, electrons show unique behaviors compared to bulk solids, which endows materials with tunable physicochemical and photoelectric properties. Zero-dimensional semiconductor quantum dots (QDs) provide intense light absorption and strong narrowband emission at visible and infrared bands, and have been employed to exhibit optical gain and lasing. These properties are beneficial for different application. Here, we provide a review in the synthesis and understanding of unique properties of colloidal QDs, and discuss their applications in display, lasers, sensing and solar energy conversion.