Colloidal quantum dots (CQDs) are the category of semiconductor nanocrystals with sizes smaller than their exciton Bohr radius. [1][2][3][4][5] Given the nanoscale size, CQDs exhibit strong quantum confinement effect, which induce many unique optical properties such as tunable absorption, with exciton peaks ranging from the ultraviolet to the infrared, to the THz region. [6][7][8][9][10] This size-dependent absorption makes CQDs quite suitable for single-junction and tandem solar energy harvesting. [11][12][13][14][15][16][17][18][19][20][21][22][23][24] Among various synthesis approaches of CQDs, Solution-processed colloidal quantum dots (CQDs) are promising candidates for the third-generation photovoltaics due to their low cost and spectral tunability. The development of CQD solar cells mainly relies on high-quality CQD ink, smooth and dense film, and charge-extraction-favored device architectures. In particular, advances in the processing of CQDs are essential for high-quality QD solids. The phase transfer exchange (PTE), in contrast with traditional solid-state ligand exchange, has demonstrated to be the most promising approach for high-quality QD solids in terms of charge transport and defect passivation. As a result, the efficiencies of Pb chalcogenide CQD solar cells have been rapidly improved to 14.0%. In this review, the development of the PTE method is briefly reviewed for lead chalcogenide CQD ink preparation, film assembly, and device construction. Particularly, the key roles of lead halides and additional additives are emphasized for defect passivation and charge transport improvement. In the end, several potential directions for future research are proposed.