The 2023 Nobel Prize in Chemistry was awarded to Aleksey I. Ekimov, Louis E. Brus, and Moungi G. Bawendi for their pioneering work in nanotechnology, specifically for the discovery and synthesis of semiconductor nanocrystals, known as quantum dots (QDs). These nanocrystals exhibit size-dependent optical and electronic properties due to quantum size effects. The article summarizes the key milestones in QD research and their diverse applications in fields such as solid-state lighting, display technology, energy conversion, medical diagnostics, bioimaging, and image-guided surgery. QDs are nanoscale semiconductor particles whose optical properties are highly dependent on their size. The discovery of QDs began in the 1980s with the work of Ekimov, who demonstrated size-dependent optical properties in semiconductor microcrystals. Brus later showed that the optical properties of colloidal nanoparticles could be tuned by size, leading to the development of QDs with controlled absorption and emission spectra. Bawendi's work in the 1990s enabled the synthesis of high-quality, monodisperse QDs with precise size control, which revolutionized QD synthesis and opened the door to their use in various applications. The unique properties of QDs, such as their tunable optical absorption and emission, high photoluminescence quantum yields, and stability, have made them valuable in many fields. Core/shell QDs, where a semiconductor shell is added to a core, enhance the optical properties and stability of QDs. The development of core/shell structures and lattice adapter shells has further improved the performance of QDs. QDs have found applications in display technology, where they are used in quantum dot light-emitting diodes (QLEDs) to produce vibrant colors. In photovoltaics, QDs are used in solar cells and luminescent solar concentrators. In biosensing and bioimaging, QDs are used as fluorescent labels due to their high quantum yield and stability. Additionally, QDs are being explored for their potential in photocatalysis, quantum computing, and quantum communication. The research on QDs has led to significant advancements in synthesis methods, including continuous flow synthesis and the development of non-toxic alternatives to traditional QDs. Despite these advancements, challenges remain in achieving high-quality, reproducible QDs with consistent optical properties for industrial applications. The ongoing research aims to improve synthesis strategies, enhance QD functionality, and explore new applications in materials science and life sciences.The 2023 Nobel Prize in Chemistry was awarded to Aleksey I. Ekimov, Louis E. Brus, and Moungi G. Bawendi for their pioneering work in nanotechnology, specifically for the discovery and synthesis of semiconductor nanocrystals, known as quantum dots (QDs). These nanocrystals exhibit size-dependent optical and electronic properties due to quantum size effects. The article summarizes the key milestones in QD research and their diverse applications in fields such as solid-state lighting, display technology, energy conversion, medical diagnostics, bioimaging, and image-guided surgery. QDs are nanoscale semiconductor particles whose optical properties are highly dependent on their size. The discovery of QDs began in the 1980s with the work of Ekimov, who demonstrated size-dependent optical properties in semiconductor microcrystals. Brus later showed that the optical properties of colloidal nanoparticles could be tuned by size, leading to the development of QDs with controlled absorption and emission spectra. Bawendi's work in the 1990s enabled the synthesis of high-quality, monodisperse QDs with precise size control, which revolutionized QD synthesis and opened the door to their use in various applications. The unique properties of QDs, such as their tunable optical absorption and emission, high photoluminescence quantum yields, and stability, have made them valuable in many fields. Core/shell QDs, where a semiconductor shell is added to a core, enhance the optical properties and stability of QDs. The development of core/shell structures and lattice adapter shells has further improved the performance of QDs. QDs have found applications in display technology, where they are used in quantum dot light-emitting diodes (QLEDs) to produce vibrant colors. In photovoltaics, QDs are used in solar cells and luminescent solar concentrators. In biosensing and bioimaging, QDs are used as fluorescent labels due to their high quantum yield and stability. Additionally, QDs are being explored for their potential in photocatalysis, quantum computing, and quantum communication. The research on QDs has led to significant advancements in synthesis methods, including continuous flow synthesis and the development of non-toxic alternatives to traditional QDs. Despite these advancements, challenges remain in achieving high-quality, reproducible QDs with consistent optical properties for industrial applications. The ongoing research aims to improve synthesis strategies, enhance QD functionality, and explore new applications in materials science and life sciences.