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Quantum dots (QDs) have sparked great interest due to their unique electronic, optical, and structural properties. In this review, we provide a critical analysis of the latest advances in the synthesis, properties, and applications of QDs. We discuss synthesis techniques, including colloidal and hydrothermal synthesis, and highlight how the underlying principles of these techniques affect the resulting properties of QDs. We then delve into the wide range of applications of QDs, from QDs based color conversion, light-emitting diodes and biomedicine to quantum-based cryptography and spintronics. Finally, we identify the current challenges and future prospects for quantum dot research. By reading this review, readers will gain a deeper understanding of the current state-of-the-art in QDs research and the potential for future development.