Dyes have been applied and are playing an increasingly important role in many industries, including the textile, printing, medical and energy industries. Their wide applications imply that specific dyes possessing given properties need to be effectively designed. The present review aims to survey information related to activity/property research of dyes that has been published in the past two decades. Emphasis is laid particularly on studies based on quantitative structure–activity/property relationships that have contributed to the theoretical design and application of dyes. Finally, the perspectives of quantitative structure‐activity/property relationship studies are set out in order to show how this method may be used to design new dyes and to evaluate their different properties. The challenges facing these studies are also outlined.