This article summarizes the main achievements and challenges in the field of the aqueous synthesis of semiconductor quantum dots in colloidal solutions. Developments in the last two decades demonstrate the great potential of this approach to synthesize nanocrystalline materials with superior properties such as strong photoluminescence, long time stability and compatibility with biological media, and the variability in assembling and self-assembling into larger structures or on surfaces. Being relatively straightforward, the aqueous approach provides some advantages such as versatility, scalability, environmental friendliness and cost effectiveness, leading in summary to very attractive application perspectives.