The development of two-dimensional (2D) inorganic materials-based quantum dots (QDs) is still in its infancy but is triggering immense enthusiasm due to their high chemical stability, good aqueous dispersibility, excellent optical property, good biocompatibility and easy functionalization. This review covers almost all the extant 2D-QDs based on graphene, phosphorene, silicene, carbides, nitrides, transition metal dichalcogenide, transition metal oxides and MXenes, etc. Their categories, synthetic routes, properties, functionalization and applications are critically highlighted. In the application section, special emphasis is placed on the progress in bioimaging, cancer therapy, fluorescent sensing and optoelectronics. Meanwhile, the latest advances in 2D QDs-based catalysis and energy since 2015 are addressed. Moreover, 2D nanoclusters, in particular 2D-QDs, are also included. This review provides guidance for 2D-QDs studies to meet the increasing demands in the many diverse applications.