A simpler and cost-effective approach, in particular, with the use of oleic acid and liquid paraffin has been used to prepare CdTe quantum dots at relatively low temperatures (150–200°C). Compared with the other solvents (capping agents), oleic acid is cheaper, more environment friendly and more stable in air. The as-prepared CdTe quantum dots possess cubic crystallite and exhibit size in the range of 3–11 nm. This new route reduces the material costs and permits to obtain CdTe quantum dots with a narrow emission (fluorescence) spectra ranging from 602 to 617 nm at room temperature. In order to investigate the application of the prepared samples as nano-LED (nano-light-emitting device), electroluminescence spectroscopy is studied and it shows the emission to be almost at the similar wavelength as that of fluorescence. This study infers the possible application of CdTe quantum dots as nano-LED with an emission in the range of 605–620 nm.