In this review, we discuss several fundamental processes taking place in semiconductor nanocrystals (quantum dots (QDs)) when their electron subsystem interacts with electromagnetic (EM) radiation. The physical phenomena of light emission and EM energy transfer from a QD exciton to other electronic systems such as neighbouring nanocrystals and polarisable 3D (semi-infinite dielectric or metal) and 2D (graphene) materials are considered. In particular, emission decay and FRET rates near a plane interface between two dielectrics or a dielectric and a metal are discussed and their dependence upon relevant parameters is demonstrated. The cases of direct (II–VI) and indirect (silicon) band gap semiconductors are compared. We cover the relevant non-radiative mechanisms such as the Auger process, electron capture on dangling bonds and interaction with phonons. Some further effects, such as multiple exciton generation, are also discussed. The emphasis is on explaining the underlying physics and illustrating it with calculated and experimental results in a comprehensive, tutorial manner.