Abstract Perovskite materials are attractive star materials in the field of optoelectronics owing to their superior optoelectronic properties, quantum confinement effect, color tunability, high defect tolerance, and high photoluminescence quantum yield. Organic‐inorganic hybrid perovskite quantum dots (OIHP‐QDs) have a wide range of applications in photovoltaic devices, photodetectors, and light‐emitting diodes, especially in solar cells, LEDs, and lasers, due to the diverse choices of organic cations that bring more tunable optical properties to them. Here, the basic principles, synthesis strategies, research progress, and practical applications of OIHP‐QDs based on the latest research results are outlined. This review discusses the key challenges and limiting factors in the development of OIHP‐QDs while exploring their future prospects.