This review highlights selected examples, published in the last three to four years, of recent advance in the design, synthesis, properties, and device performance of quinoidal π-conjugated materials. A particular emphasis is placed on emerging materials, such as indophenine dyes that have the potential to enable high-performance devices. We specifically discuss the recent advances and design guidelines of π-conjugated quinoidal molecules from a chemical standpoint. To the best of the authors’ knowledge, this review is the first compilation of literature on indophenine-based semiconducting materials covering their scope, limitations, and applications. In the first section, we briefly introduce some of the organic electronic devices that are the basic building blocks for certain applications involving organic semiconductors (OSCs). We introduce the definition of key performance parameters of three organic devices: organic field effect transistors (OFET), organic photovoltaics (OPV), and organic thermoelectric generators (TE). In section two, we review recent progress towards the synthesis of quinoidal semiconducting materials. Our focus will be on indophenine family that has never been reviewed. We discuss the relationship between structural properties and energy levels in this family of molecules. The last section reports the effect of structural modifications on the performance of devices: OFET, OPV and TE. In this review, we provide a general insight into the association between the molecular structure and electronic properties in quinoidal materials, encompassing both small molecules and polymers. We also believe that this review offers benefits to the organic electronics and photovoltaic communities, by shedding light on current trends in the synthesis and progression of promising novel building blocks. This can provide guidance for synthesizing new generations of quinoidal or diradical materials with tunable optoelectronic properties and more outstanding charge carrier mobility.