In this report we summarize the progress made in the past several years on the use of luminescent QDs to probe biological processes at the single molecule level. We start by providing a quick overview of the basic properties of semiconductor nanocrystals, including synthetic routes, surface-functionalization strategies, along with the main attributes of QDs that are of direct relevance to single molecule studies based on fluorescence detection. We then detail some valuable insights into specific biological processes gained using single QDs. These include progress made in probing biomolecular interactions, tracking of protein receptors both in vitro and in live cells, and single particle resonance energy transfer. We will also discuss the advantages offered and limitations encountered by single QD fluorescence as an investigative tool in biology.