CdTe quantum dots(QDs) were synthesized in aqueous solution by colloidal method. The synthesized CdTe QDs were identified to be cubic-structured ones by x-ray diffraction(XRD). The photoluminescence(PL) was performed for CdTe QDs prepared as a function of Te precursor concentration, condensation time and aging time. The PL intensity is strongly dependent on Te precursor concentration, indicating that the ratio of Te to Cd ions affects the particle size and size distribution of the CdTe QDs. Our PL study reveals that the intensity of PL peaks strengthens as the condensation time elongates, implying that annealing by thermal energy transferred during condensation would eliminate defects which act as killing centers in CdTe particles. Our photocurrent study suggests that the CdTe QDs materials are one of the prospective materials for optoelectronics including photodetectors.