A novel one pot synthesis approach in oleic acid medium was employed to obtain monophasic ZnSe quantum dots (QD) of average size 3.7nm. The QDs were well crystalline in hexagonal phase as revealed by x-ray diffraction and high resolution transmission electron microscopy (HRTEM) studies. The ZnSe QDs exhibit sharp emission peak in the blue (465nm) with 385picosecond fluorescence decay time. The theoretical band gap corresponding to 3.7nm ZnSe QDs matched well with the measured 3.11eV band gap of synthesized QDs which thus showed quantum confinement effect.