Semiconductor quantum dots have received considerable interest in recent years as a result of their unique optical properties, leading to many applications in biology. This review examines their potential for photosensitization in photodynamic therapy compared with, and in combination with, conventional photosensitizing organic dyes. Photodynamic therapy is used for treating a range of malignant tumors and certain non-malignant pathologies, and conventional photosensitizers are based on organic dyes that are efficient generators of cytotoxic reactive oxygen species. By exploiting the unique optical properties of quantum dots, the conjugation of quantum dots with photosensitizers and targeting agents could provide a new class of versatile multifunctional nanoparticles for both diagnostic imaging and therapeutic applications.