Colloidal quantum dots (QDs), due to their excellent optical property, such as broad absorb range, narrow emission and solution processability, have received more widespread application in liquid crystal display, enabling the wide color gamut, with quantum dot light conversion film (Q-LCF) as the main commercial product. Typical Q-LCF structure is a sandwich structure with a layer of QD containing resin between two barrier films. The barrier film plays the role of preventing the QD resin from water and oxygen to protect the QD, the key material to realize the optical conversion performance. Generally, QD resin includes red and green quantum dots, which emit red and green light under the excitation of the backlight blue LED, and achieve RGB three primary colors, together with the transmitted blue light. The Q-LCF has gradually developed from using the expensive high grade barrier films(10^-3~10^-4 g·m^-2·day^-1) to the cost-effective low grade barrier films(10^-1 g·m^-2·day^-1), which makes the Q-LCF spencentrating widely in LCD products, starting from large size TV products 1 397~2 159 mm(55~85 in), to monitor, laptop, automotive tablet, VR display and wearable products. For its greatly improved the color display capacity and added value of products, the Q-LCF has gained more and more recognition from brand customers and end users. Based on the structure and function of Q-LCF, this paper reviews the technological development process and discusses the latest research progress, technology, standard and market development trend of Q-LCF.