Herein, MoS2 quantum dots (QDs) with controlled optical, structural, and electronic properties are synthesized using the femtosecond pulsed laser ablation in liquid (fs-PLAL) technique by varying the pulse width, ablation power, and ablation time to harness the potential for next-generation optoelectronics and quantum technology. Furthermore, this work elucidates key aspects of the mechanisms underlying the near-UV and blue emissions the accompanying large Stokes shift, and the consequent change in sample color with laser exposure parameters pertaining to MoS2 QDs. Through spectroscopic analysis, including UV-visible absorption, photoluminescence, and Raman spectroscopy, we successfully unraveled the mechanisms for the change in optoelectronic properties of MoS2 QDs with laser parameters. We realize that the occurrence of a secondary phase, specifically MoO3-x, is responsible for the significant Stokes shift and blue emission observed in this QD system. The primary factor influencing these activities is the electron transfer observed between these two phases, as validated by excitation-dependent photoluminescence and XPS and Raman spectroscopies.