Quantum dots play an important role in third-generation photovoltaics. The key focus on quantum dots is due to their cost effect, capacity to work in diffused light, ease of fabrication, light weight, and flexibility which pique curiosity to further research. The incorporation of quantum dots into photovoltaics results in theoretically high thermodynamic conversion efficiencies of up to 40%, but in practise, the efficiencies are lower than those of dye-sensitized solar cells. Recent developments of different components like photoanode, quantum dot sensitizer, electrolyte, and counter electrode were discussed in detail. It was observed that by changing the synthesis methods, the adhesion properties might vary, which leads to enhancing the photovoltaic properties such as power conversion efficiency (PCE), open circuit voltage (Voc), short circuit current (Jsc), and fill factor (FF). The first report on the efficiency of Quantum Dot Sensitized Solar Cells (QDSSCs) was 0.12%. As of today, the efficiency is reported as 18.1 %, and further, the researchers are working to improve the efficiency of QDSSCs.
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