A review of recent developments in the utilization of semiconductor quantum dots for light energy conversion. Three major ways to utilize semiconductor dots in solar cell include (a) metal-semiconductor or Schottky junction photovoltaic cell, (b) polymer-semiconductor hybrid solar cell, and (c) quantum dot sensitized solar cell. Modulation of band energies through size control offers new ways to control photoresponse and photoconversion efficiency of the solar cell. Various strategies to maximize photoinduced charge separation and electron transfer processes for improving the overall efficiency of light energy conversion are discussed. Capture and transport of charge carriers within the semiconductor nanocrystal network to achieve efficient charge separation at the electrode surface remains a major challenge. Directing the future research efforts toward utilization of tailored nanostructures will be an important challenge for the development of next generation solar cells.