In this article we discuss the development and key advantages of quantum dot based light emitting diode (QD-LED) and other applications based on their color purity, stability, and solution processibility. Analysis of quantum dot based LEDs and the main challenges faced in this field, such as the QD luminescence quenching, QD charging in thin films, and external quantum efficiency are discussed in detail. The description about how different optical down-conversion and structures enabled researchers to overcome these challenges and to commercialize the products. The recent developments about how to overcome these difficulties have also been discussed in this article.