Cadmium-based quantum dots (QDs) have the advantage of broad UV excitation, narrow emission, bright photoluminescence (PL), and high photostability, which make them fine applications in bio-imaging, electroluminescence (EL) and photovoltaic (PV) devices, catalytic hydrogen production, sensors, etc. This review article summarizes the synthetic methods such as organometallic and aqueous approaches, and the techniques employed to prepare high-quality QDs including microwave, hydrothermal, and ultrasound. QDs and their applications are emphasized for their unique properties, especially in the preparation of near infrared (NIR). Moreover, the synthesis of novel cadmium-based QDs with metal chalcogenide complexes (MCCs) as ligands has been introduced, which can overcome traditional QDs' disadvantages of poor interparticle coupling and conducting. Following the synthetic methods, the latest development of surface modification is summarized, which is important and necessary for the applications of QDs.