Semiconductor nanostructures are attractive due to their intriguing optical and electrical properties for potential applications in various quantum devices. Chalcogenide semiconductors have drawn considerable attention for their applications in semiconductor lasers, light emitting diodes, photovoltaic cells, display devices, biological and chemical sensing. The present research study is concerned with the growth and characteristics of sulfide and selenide based chalcogenide nanostructures for their possible applications in photovoltaic, photo-sensing and charge storage devices. The growth of mono dispersed, spherical shaped cadmium selenide (CdSe) quantum dots with controlled particle size, using phosphine-free and nontoxic chemicals, has been investigated in details.