Quantum dots are regarded as a revolutionary material especially in display and lighting applications due to their excellent optical properties. Their high quantum efficiency, high color purity, low-cost solution processability, and tunable emission wavelength, facilitate the realization of their potential for display applications. Therefore, researchers have made a lot of effort in the development and characterization of quantum dot light-emitting diodes (QD-LEDs) to achieve high color purity and brightness in light-emitting devices. Meanwhile, with the aim of commercialization, inefficiency, instability, and cost seem to be inevitable challenges that need to be faced. Progression and challenges of using quantum dots in light-emitting diodes are two aspects that are concentrated on in this review. It also affords methods to tackle these challenges. Lastly, the potential applications of QD-LEDs in displays and lighting are investigated. Their potential to revolutionize various industries are also highlighted. By overcoming current limitations and capitalizing on emerging opportunities, QD-LEDs technology will have further applications. This work will help promote in-depth research on QD-LEDs.