Colloidal quantum dots (QDs) exhibit tremendous potential in display technologies owing to their unique optical properties, such as size‐tunable emission wavelength, narrow spectral linewidth, and near‐unity photoluminescence quantum yield. Significant efforts in academia and industry have achieved dramatic improvements in the performance of quantum dot light‐emitting diodes (QLEDs) over the past decade, primarily owing to the development of high‐quality QDs and optimized device architectures. Moreover, sophisticated patterning processes have also been developed for QDs, which is an essential technique for their commercialization. As a result of these achievements, some QD‐based display technologies, such as QD enhancement films and QD‐organic light‐emitting diodes, have been successfully commercialized, confirming the superiority of QDs in display technologies. However, despite these developments, the commercialization of QLEDs is yet to reach a threshold, requiring a leap forward in addressing challenges and related problems. Thus, representative research trends, progress, and challenges of QLEDs in the categories of material synthesis, device engineering, and fabrication method to specify the current status and development direction are reviewed. Furthermore, brief insights into the factors to be considered when conducting research on single‐device QLEDs are provided to realize active matrix displays. This review guides the way toward the commercialization of QLEDs.