Abstract Colloidal quantum dots (QDs) have been awarded the 2023 Nobel Prize in Chemistry for their unique optoelectronic properties and great potential for applications. QD photoluminescence (PL) blinking research has made a significant contribution to the development of high quality QD materials and related applications. Almost all colloidal QDs are subject to PL blinking, a phenomenon in which the PL intensity of single QD randomly switches between different emission states. The blinking behavior disrupts the PL emission of QDs and hinders related QD‐based applications. Studies of QD blinking provide insight into the blinking mechanisms and contribute to the development of methods to suppress blinking. This review summarizes the significant advances in the understanding of PL blinking mechanisms and the development of suppression strategies since the first observation of PL blinking in single QDs. Specifically, it covers the Auger‐blinking mechanism, the band‐edge carrier blinking mechanism, the conversion of blinking types and their origins, the size dependence of blinking behavior, and various advanced blinking suppression strategies. Looking ahead, the integration of the advanced suppression strategies into various QD applications to unlock the full potential of colloidal QDs will be a key focus of future research.