In recent years, due to the extensive need for high computation power for Internet of Things (IoT)-based application, attentiveness in the direction of quantum computing is witnessed. The world has changed significantly because of the internet and in the current period, most of the devices are connected via internet thus giving rise to IoT. However, the multimedia IoT devices are associated with notable vulnerabilities that are often exploited by adversaries. Quantum computing, with its superior processing capabilities makes securing of multimedia data over the IoT network significantly challenging. Post-Quantum Cryptography (PQC) is regarded as an emerging field responsible for designing algorithm and cryptosystems resilient to quantum attacks, ensuring robust security for the multimedia IoT infrastructures. In this paper, we highlight the principles of cryptography, its reliability for classical computing, and how its inefficiency in the quantum era with the emerging quantum computers gave rise to the need for PQC, a novel cryptosystem resilient in the rising quantum environment. It includes different vulnerabilities for multimedia IoT system and attacks that can be performed by exploiting those vulnerabilities. Finally, this paper discusses the recent advancements and proposed ideas about increasing the efficiency of PQC and making the IoT network secure for the multimedia data in the rising quantum environment.