A series of fluorophosphate glasses with CdSe and CdSe+ZnSe are successfully synthesized. After heat treatment above the glass transition temperature, CdSe quantum dots with sizes 1.5–5.5 nm are formed. The luminescence spectra of CdSe quantum dots are analyzed at various temperatures, excitation energies and chemical composition of glass. The influence of selenium content on the growth features of quantum dots is shown. The size dependence of luminescence quantum yield on the QDs size is found. The 2.0–2.5 nm-sized QDs demonstrate trap emission in the region of 1.7–1.85 eV with a maximum quantum yield of 60 %. It is found that only a broad band due to the transition from the low state of the conduction band and the shallow donor trap states to the deep accepter trap levels is observed. This broad emission band is observed at any selenium cadmium ratio and zinc introduction.