The synthesis of high-quality cadmium phosphide quantum dots with emission wavelength maxima in the range from 1200 to approximately 760 nm are reported. The results demonstrate that the nucleation and growth linked with the optical properties can be controlled by the temperature, the growth time, and the addition of ligands such as oleylamine and trioctylphosphine. Photoelectrochemical investigations revealed that the cadmium phosphide QD-derivatized electrodes show an optical response and that photocurrents of several nanoamperes per square centimeter can be obtained upon illumination.