Understanding how events evolve over time is essential for search engines handling queries about trending news. We present QDET (Query-Driven Event Timeline Summarization), a production system deployed on Baidu Search that constructs focused event timelines to explain specific query events. Unlike traditional topic-centric approaches that aim for comprehensive coverage, QDET identifies and organizes sub-events closely relevant to the query from noisy candidate sets formed by millions of documents retrieved daily. QDET incorporates two key innovations: (1) multi-task supervised fine-tuning with three auxiliary tasks-temporal ordering, causal judgment, and timeline completion-that enable compact models to match the performance of much larger general-purpose models in specialized domains; (2) reinforcement learning-based event concise summarization that enforces strict length constraints while maintaining semantic quality, achieving 88.2% length compliance and outperforming 671B-scale models by 7.7 points in constraint satisfaction. Our fine-tuned 7B parameter model achieves 76.2% F1 score on timeline summarization, slightly surpassing the zero-shot performance of DeepSeek-R1-671B (76.1% F1) while using only 1% of its parameters-demonstrating that domain-specific optimization enables production-ready models with comparable quality at drastically reduced computational costs. Online A/B tests on Baidu Search validate real-world effectiveness, showing 5.5% CTR improvement, 4.6% longer dwell time, and 4.4% deeper exploration compared to single-task baselines. We further demonstrate that timeline understanding transfers to heat prediction, confirming effective knowledge transfer to downstream tasks.