Colloidal semiconductor nanocrystals, also known as quantum dots, have attracted great attention since they have interesting size-dependent properties due to the quantum confinement effect. These nanoparticles are highly luminescent and have potential applications in different technological areas, including biological labeling, light-emitting diodes and photovoltaic devices. The synthetic methods of semiconductor nanocrystals have progressed in the last 30 years, and several protocols were developed to synthesize monodisperse nanocrystals with good optical properties, different compositions and morphologies. This review describes the main methods used to synthesize nanocrystals in the II-VI and III-V systems, and the recent approaches in this field of research.