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Ni, Zn co-doped CdSe quantum dots (QDs) were synthesized by chemical precipitation method through aqueous route. The prepared QDs were characterized by X-ray diffraction (XRD) technique, UV-Vis absorption spectroscopy, photoluminescence (PL) spectroscopy and high resolution transmission electron microscopy (HRTEM). XRD technique results indicate that the prepared samples have a zinc blende cubic phase. From UV-Vis absorption spectroscopy technique, the prepared samples were blue shifted with respect to their bulk counter part due to quantum confinement effect. Among different doping ratios examined, a maximum PL emission intensity was observed for CdSe:Ni(1 %):Zn(1 %) QDs. HRTEM pictures show that the prepared QDs were in spherical shape.