Water-soluble quantum dots (QDs) are fluorescent semiconductor nanoparticles with narrow, very specific, stable emission spectra. Therefore, the bioconjugation of these QDs for biological fluorescent labeling may be of interest due to their unique physical and optical properties as compared to organic fluorescent dyes. These intrinsic properties of QDs have been used for the sensitive detection of target analytes. From the viewpoint of ensuring food safety, there is a need to develop rapid, sensitive and specific detection techniques to monitor food toxicants in food and environmental samples. Even trace levels of these toxicants can inadvertently enter the food chain, creating severe health hazards. The present review emphasizes the application of water-soluble bioconjugated QDs for the detection of food contaminants such as pesticides, pathogenic bacterial toxins such as botulinum toxin, enterotoxins produced by Staphylococcus aureus, Escherichia coli, and for the development of oligonucleotide-based microarrays. This review also emphasizes the application of a possible resonance energy transfer phenomenon resulting from nanobiomolecular interactions obtained through the bioconjugation of QDs with biomolecules. Furthermore, the utilization of significant changes in the spectral behavior of QDs (attributed to resonance energy transfer in the bioconjugate) in future nanobiosensor development is also emphasized.