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The quantum dots (QDs) have excellent photophysical properties and recently being used for chemosensor and biosensor development. The high sensitivity and good selectivity is the main criteria for sensor development. In this intension, many research groups have decorated the organic ligands on the surface of QDs using the ligand exchange reactions. In the assembly of QDs decorated with organic ligands; the organic part is responsible for binding events, while QDs are generally acting as signaling subunit. The changes in the photophysical properties in signaling subunit is evaluated through absorption and fluorescence spectroscopy. The chapter is devoted to review systems, where: (a) photophysical properties of QDs are influenced by the coating of organic ligands; (b) photophysical properties of organic ligands has been influenced by coating these materials on the surface of QDs; (c) chemosensor/ biosensor development using the photophysical properties of QDs and organic ligand assembly.

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