PACS 78.40.+y, 78.47.+p, 78.55.Et, 78.67.Bf The photoluminescence efficiencies and excitation relaxation dynamics in CdSe nanocrystals (NC) passivated with tri-n-octylphosphine oxide and embedded in two different polymer matrixes, poly(styrene) (PS) and poly(butylmethacrylate) (PBMA), are compared. Femtosecond pump-probe absorption spectroscopy is used to clarify the influence of various transparent polymer matrixes on the electronic properties and excitation relaxation dynamics of quantum confined CdSe semiconductor nanocrystals of 5.0 nm diameter. The fluorescence intensity is reported to be ~10 times higher for the NC-PS sample compared to the NC-PBMA film. This striking difference in fluorescence yield is shown to be related to markedly different rates of nonradiative excitation relaxation in the two samples, and is attributed directly to a role played by the polymer host.