Bulk heterojunction solar cells based on blends of quantum dots and conjugated polymers are a promising configuration for obtaining high-efficiency, cheaply fabricated solution-processed photovoltaic devices. Such devices are of significant interest as they have the potential to leverage the advantages of both types of materials, such as the high mobility, band gap tunability and possibility of multiple exciton generation in quantum dots together with the high mechanical flexibility and large molar extinction coefficient of conjugated polymers. Despite these advantages, the power conversion efficiency (PCE) of these hybrid devices has remained relatively low at around 6%, well behind that of all-organic or all-inorganic solar cells. This is attributed to major challenges that still need to be overcome before conjugated polymer–quantum dot blends can be considered viable for commercial application, such as controlling the film morphology and interfacial structure to ensure efficient charge transfer and charge transport. In this work, we present our findings with respect to the recent development of bulk heterojunctions made from conjugated polymer–quantum dot blends, list the ongoing strategies being attempted to improve performance, and highlight the key areas of research that need to be pursued to further develop this technology.