Transforming and directing the flow of energy from one form (e.g., sunlight, electricity, etc.) to other useful forms of energy (e.g., electricity, chemical bonds, light, etc.) in an efficient and controllable manner is critical to meet the increasing energy demands and build a sustainable society. In search of such energy mediators, colloidal semiconductor nanocrystals, or quantum dots (QDs) are promising building blocks for building and designing systems that can efficiently capture light and convert and direct that energy into other useful forms of energy. In this work, we summarize recent advances using QDs in energy conversion architectures with the express goal of converting optical energy to other forms of energy, including electricity (i.e., photovoltaics) , photons with different energies (i.e., photo up- or downconversion), and chemical bonds (i.e., photocatalysis). The advantages of employing QDs over molecular chromophores in absorbing and then directing and converting optical energy are highlighted. Finally, we discuss ongoing challenges as well as unique opportunities associated with the use of QDs for transforming energy.