High quality PbS nanocrystals are synthesized reproducibly through lead stearate and sulfur stabilized by oleylamine in a non-coordinating solvent. The morphology, crystalline form and phase composition of PbS nanocrystals are examined by transmission electron microscopy (TEM), high-resolution TEM, x-ray diffraction (XRD), energy-dispersive x-ray spectroscopy (EDS) and x-ray photoelectron spectroscopy (XPS). The as-synthesized PbS nanocrystals have strong absorption and photoluminescence emissions in the near-infrared region. The size of PbS nanocrystals from 5 to 13 nm can be adjusted through the optimization of the synthesis conditions. The smaller PbS nanoparticles are obtained at the lower reaction temperature, lower precursor concentration, larger oleylamine quantity and larger lead precursor/sulfur ratio. The basic oleylamine enhances the reactivity of both lead stearate precursor and sulfur precursor in the reaction.