The exponential increase in global energy demand in daily life prompts us to search for a bioresource for energy production and storage. Therefore, in developing countries with large populations, there is a need for alternative energy resources to compensate for the energy deficit in an environmentally friendly way and to be independent in their energy demands. The objective of this review article is to compile and evaluate the progress in the development of quantum dots (QDs) for energy generation and storage. Therefore, this article discusses the energy scenario by presenting the basic concepts and advances of various solar cells, providing an overview of energy storage systems (supercapacitors and batteries), and highlighting the research progress to date and future opportunities. This exploratory study will examine the systematic and sequential advances in all three generations of solar cells, namely perovskite solar cells, dye-sensitized solar cells, Si cells, and thin-film solar cells. The discussion will focus on the development of novel QDs that are economical, efficient, and stable. In addition, the current status of high-performance devices for each technology will be discussed in detail. Finally, the prospects, opportunities for improvement, and future trends in the development of cost-effective and efficient QDs for solar cells and storage from biological resources will be highlighted.