ZnMgO nanoparticles (NPs) are being increasingly used as the electron transport layer (ETL) in state-of-the-art quantum-dot light-emitting devices (QLEDs) instead of ZnO. However, the impact of ZnMgO on the luminescence properties of quantum dots (QDs) is much less understood. Here, we compare ZnMgO and ZnO NPs for their quenching effect on Cd-based QDs photoluminescence (PL), immediately and over time. Time-resolved photoluminescence (TRPL) and steady-state PL results show that ZnMgO NPs decreases the QDs’ luminescence more than ZnO NPs and that the behavior continues progressively over time. The surface topography of the samples containing different ETLs is studied using atomic force microscopy (AFM) and optical PL images. Additionally, time of flight secondary ion mass spectroscopy (TOF-SIMS) measurements are conducted to investigate the potential diffusion of some species from ETL into the QDs layer. The results confirm that morphological changes and out-diffusion of some species from the ZnMgO layer can likely play a role in the QDs PL quenching. This study sheds light on the limitations of ZnMgO for the long-term stability of QLEDs, specifically for blue QLEDs where using ZnMgO is essential for efficient electron injection.