Indium Phosphide quantum dots (InP QDs) having various applications can be used for both LEDs and photovoltaics owing to its highly luminescent properties and energy harvesting potential respectively. In our work we have synthesized InP QDs using hot injection technique. Further post synthesis treatment was given and InP/ZnS core shell nanocrystals were grown on InP core. Composites with P3HT conducting polymer were made in order to study the charge transfer/energy transfer phenomenon. InP and InP/ZnS QDs show an effective phenomenon of energy transfer and PL increment is observed in the case of composites. Whereas in the case of treated InP QDs a decrement in the PL was observed. Treatment results in removal of the surface defects and traps which help in effective charge transfer rather than energy transfer. Post synthesis treatment increases the monodispersity of the QDs which results in high quality QDs without any defects. With a simple post synthesis treatment,InP QDs can be used for both LEDs as well as photovoltaic applications. The future work involves the device fabrication of InP QDs and treated InP QDs for LED and solar cells respectively. Various characterization such photoluminescence, transmission electron microscopy, selected area diffraction was done in order to confirm the charge/energy transfer phenomenon. Copyright © 2016 VBRI Press.