Indium phosphide (InP) quantum dots (QDs) are considered alternatives to Cd-containing QDs for application in light-emitting devices. The multishell coating with ZnSe/ZnS was shown to improve the photoluminescence quantum yield (QY) of InP QDs more strongly than the conventional ZnS shell coating. Structural proof for this system was provided by X-ray diffraction and transmission electron microscopy. QY values in the range of 50-70% along with peak widths of 45-50 nm can be routinely achieved, making the optical performance of InP/ZnSe/ZnS QDs comparable to that of Cd-based QDs. The fabrication of a working electroluminescent light-emitting device employing the reported material demonstrated the feasibility of the desired application.