Semiconductor quantum dots (QDs) have a potential to increase the power conversion efficiency in photovoltaic operation because of the enhancement of photoexcitation. Recent advances in self-assembled QD solar cells (QDSCs) and colloidal QDSCs are reviewed, with a focus on understanding carrier dynamics. For intermediate-band solar cells using self-assembled QDs, suppression of a reduction of open circuit voltage presents challenges for further efficiency improvement. This reduction mechanism is discussed based on recent reports. In QD sensitized cells and QD heterojunction cells using colloidal QDs well-controlled heterointerface and surface passivation are key issues for enhancement of photovoltaic performances. The improved performances of colloidal QDSCs are presented.