Quantum dot-sensitized solar cells (QDSCs) have emerged as a promising candidate for next-generation solar cells due to the distinct optoelectronic features of quantum dot (QD) light-harvesting materials, such as high light, thermal, and moisture stability, facilely tunable absorption range, high absorption coefficient, multiple exciton generation possibility, and solution processability as well as their facile fabrication and low-cost availability. In recent years, we have witnessed a dramatic boost in the power conversion efficiency (PCE) of QDSCs from 5% to nearly 13%, which is comparable to other kinds of emerging solar cells. Both the exploration of new QD light-harvesting materials and interface engineering have contributed to this fantastically fast improvement. The outstanding development trend of QDSCs indicates their great potential as a promising candidate for next-generation photovoltaic cells. In this review article, we present a comprehensive overview of the development of QDSCs, including: (1) the fundamental principles, (2) a history of the brief evolution of QDSCs, (3) the key materials in QDSCs, (4) recombination control, and (5) stability issues. Finally, some directions that can further promote the development of QDSCs in the future are proposed to help readers grasp the challenges and opportunities for obtaining high-efficiency QDSCs.