Among next-generation photovoltaic systems requiring low cost and high efficiency, quantum dot (QD)-based solar cells stand out as a very promising candidate because of the unique and versatile characteristics of QDs. The past decade has already seen rapid conceptual and technological advances on various aspects of QD solar cells, and diverse opportunities, which QDs can offer, predict that there is still ample room for further development and breakthroughs. In this Perspective, we first review the attractive advantages of QDs, such as size-tunable band gaps and multiple exciton generation (MEG), beneficial to solar cell applications. We then analyze major strategies, which have been extensively explored and have largely contributed to the most recent and significant achievements in QD solar cells. Finally, their high potential and challenges are discussed. In particular, QD solar cells are considered to hold immense potential to overcome the theoretical efficiency limit of 31% for single-junction cells.