Abstract The optical properties of quantum dots (QDs) have made them attractive materials in diverse fields of application. Since water‐soluble derivatives were obtained, quantum dots have attracted intensive research interest in sensing, diagnosis, imaging, and optical tracking. The analytes that have been targeted span ions, small chemical molecules, proteins, nucleic acids, and cells. The fluorescence of functionalized QDs can be quenched, enhanced, or even 'switch' on and off in different cases. However, the mechanisms behind these various responses are not yet all fully understood. This review gives an overview of the emerging use of QDs in analysis. Typical examples, in particular in relation to the discussion on mechanisms are highlighted.