Robust control over the carrier type is fundamental for the fabrication of nanocrystal‐based optoelectronic devices, such as the p–n homojunction, but effective incorporation of impurities in semiconductor nanocrystals and its characterization is highly challenging due to their small size. Herein, InAs nanocrystals (NCs), post‐synthetically doped with Cd, serve as a model system for successful p‐type doping of originally n‐type InAs nanocrystals, as demonstrated in field effect transistors (FETs). Advanced structural analysis, using atomic resolution electron microscopy and synchrotron X‐ray absorption fine structure spectroscopy reveal that Cd impurities reside near and on the nanocrystal surface acting as substitutional p‐dopants replacing Indium. Commensurately, Cd‐doped InAs FETs exhibit remarkable stability of their hole conduction, mobility, and hysteretic behavior over time when exposed to air, while intrinsic InAs NCs FETs are easily oxidized and their performance quickly declines. Therefore, Cd plays a dual role acting as a p‐type dopant, and also protects the nanocrystals from oxidation, as evidenced directly by X‐ray photoelectron spectroscopy measurements of air exposed samples of intrinsic and Cd‐doped InAs NCs films. This study demonstrates robust p‐type doping of InAs nanocrystals, setting the stage for implementation of such doped nanocrystal systems in printed electronic devices.