Quantum dots (QDs) are small nanoparticles with semiconductor properties ranging from 2 to 10 nanometers comprising 10–50 atoms. The single wavelength excitation character of QDs makes it more significant, as it can excite multiple particles in a confined surface simultaneously by narrow emission. QDs are more photostable than traditional organic dyes; however, when injected into tissues, whole animals, or ionic solutions, there is a significant loss of fluorescence. HQD-based probes conjugated with cancer-specific ligands, antibodies, or peptides are used in clinical diagnosis. It is more precise and reliable than standard immunohistochemistry (IHC) at minimal protein expression levels. Advanced clinical studies use photodynamic therapy (PDT) with fluorescence imaging to effectively identify and treat cancer. Recent studies revealed that a combination of unique characteristics of QDs, including their fluorescence capacity and abnormal expression of miRNA in cancer cells, were used for the detection and monitoring progression of cancer. In this review, we have highlighted the unique properties of QDs and the theranostic behavior of various macromolecule-conjugated HQDs leading to cancer treatment.