Colloidal quantum dots (CQDs) are a promising class of materials for next-generation optoelectronic devices, such as displays, LEDs, lasers, photodetectors, and solar cells. CQDs can be obtained at low cost and in large quantities using wet chemistry. CQDs have also been produced using various materials, such as CdSe, InP, perovskites, PbS, PbSe, and InAs. Some of these CQD materials absorb and emit photons in the visible region, making them excellent candidates for displays and LEDs, while others interact with low-energy photons in the near-infrared (NIR) region and are intensively utilized in NIR lasers, NIR photodetectors, and solar cells. In this review, we have focused on NIR CQD materials and reviewed the development of CQD materials for solar cells, NIR lasers, and NIR photodetectors since the first set of reports on CQD materials in these particular applications.