Lead chalcogenide quantum dots have particular optoelectronic properties induced by the quantum confinement effects and have promising potentials towards applications in infrared spectral range. Modulation of the optoelectronic properties of lead chalcogenide quantum dots is mainly based on the thermal treatment. In this work, precipitation and optical properties of alloyed PbSexS1-x quantum dots in glasses are investigated. Composition, size, absorption, and photoluminescence properties of PbSexS1-x quantum dots are modulated by chalcogen elements in glasses and thermal treatment. By adjusting the concentration of ZnSe and ZnS in the glasses, average diameters of the PbSexS1-x quantum dots are tuned in the range of 8.1–16.1 nm, their absorption peak wavelengths are tuned in the range of 724–2497 nm, and photoluminescence bands are tuned in the range of 1016–2165 nm with full width at half maximum in the range of 167–517 nm. Fraction of Se in the PbSexS1-x quantum dots precipitated in glasses is dependent on the concentrations of ZnSe and ZnS in the glass and heat-treatment temperature. Increase in concentration of S in the glasses results in the reduction of relative fraction of Se in the PbSexS1-x quantum dots formed in glasses. More importantly, high heat-treatment temperature promotes the enrichment of Se in PbSexS1-x quantum dots, and Se fraction in PbSexS1-x quantum dots increases from 0.69 to 0.89, from 0.53 to 0.85, from 0.47 to 0.79, and from 0.45 to 0.76 for those precipitated in glasses with ZnSe/(ZnSe+ZnS) molar ratios of 0.545, 0.375, 0.286, and 0.231, respectively. Increase in ZnSe/(ZnSe+ZnS) molar ratios in glasses also leads to reduction in diameter of PbSexS1-x quantum dots formed in glasses. These alloyed PbSexS1-x quantum dots also exhibit improved photoluminescence quantum yields and enhanced resistance to thermal quenching of photoluminescence.