Semiconductor quantum dots(QDs) present great potential in applications of light emitting diodes, solar cells and bio-labeling fields owing to their unique optical and electronic properties. Although the traditional Ⅱ-Ⅵ and Ⅲ-Ⅴ type QDs possess appealing emission properties, the intrinsic toxicity of heavy metal elements, such as cadmium and lead, severely sheds doubt on their large-scale commercial applications. As a new kind of fluorescent material that has emerged in recent years, Ⅰ-Ⅲ-Ⅵ multiple QDs are considered as promising alternatives to the traditional binary QDs due to their low toxicity, tunable bandgaps, large Stokes shifts and long photoluminescence lifetime, which have been receiving considerable attention of researchers. In this review, we highlight the current research progress on theⅠ-Ⅲ-Ⅵ QDs. Firstly, the regulation mechanism of the luminescent properties is illuminated on the basis of their structure and composition. Moreover, the emphasis is focused on the current research of the organic and aqueous preparation pathways in recent years. Simultaneously, their primary applications in the lighting and display fields are summarized, and the comparison of the latest research progress of devices betweenⅠ-Ⅲ-Ⅵ QDs and other QDs is made. Finally, we outline the challenges concerning the development of the luminescentⅠ-Ⅲ-Ⅵ QDs and conclude the main future research directions.