Quantum dots (QDs), with their excellent photoluminescence, narrow emission linewidth, and wide color coverage, provide unrivaled advantages for advanced display technologies, enabling full-color micro-LED displays. It is indeed critical to have a fundamental understanding of how QD properties affect micro-LED display performance in order to develop the most energy-efficient display device in the near future. However, to take a more detailed look at the stability issues and passivation ways of QDs is essential for accelerating the commercialization of QD-based LED technologies. Knowing about the most recent breakthroughs in QD-based LEDs can give a good indication of how they might be used in shaping the future of displays. In this review, we discuss the characteristics of QD-based LEDs for the applications of display and lighting technologies. Various approaches for synthesis and the stability improvement of QDs are addressed in detail, along with recent advancements towards QD-based LED breakthroughs. Moreover, we summarize our latest research findings in QD-based LEDs, providing valuable information about the potential of QD-based LEDs for future display technologies.