High quality CdSe nanocrystals (NCs) were synthesized via a nonorganometallic precursor and extracted in different solvents. The difference in the influence of the nature of the solvent namely ethanol, N,N-dimethyl formamide (DMF), and acetonitrile on extraction of the same type of NCs was studied with respect to quality and stability of NCs. Characterization by x-ray diffraction technique, absorption–emission spectroscopy, scanning, transmission, and atomic force microscopy demonstrated the formation of NCs of good optical property and surface composition from the synthesis method used. Different polarities of the solvent strongly influence photoluminescence (PL), surface defects, concentrations of NCs extracted, particle sizes, and surface passivation. Ethanol extraction results in small-sized NCs and good particle size distribution. DMF extraction causes lesser interfacial defects and hence prevents radiative recombinations. PL quenching was observed in all the three solvents, and this necessitates further stabilization of NCs. The stability of the so-extracted NCs was evaluated for change in their properties with respect to aging. Aging substantiated the adverse effects of acetonitrile to extract the lesser surface passivated NCs leading to Ostwald ripening and island formation. The phase and structure of NCs remain unaffected with aging or by the nature of solvent used.