Herein, black phosphorus quantum dots and nanoparticles of a few layer thickness were prepared and characterized using STEM, AFM, dynamic light scattering, X-ray photoelectron spectroscopy, X-ray diffraction, Raman spectroscopy and photoluminescence. Impact electrochemistry of the induvidual black phosphorus nanoparticles allows their size determination. The centrifugation of colloidal black phosphorus nanoparticles allowed separation of quantum dots with sizes up to 15 nm. These black phosphorus nanoparticles exhibit a large band gap and are expected to find a wide range of applications from semiconductors to biomolecule tags. The use of black phosphorus nanoparticles for vapour sensing was successfully demonstrated.