Cadmium based quantum dots (QDs) capped with two different ligands (thioglycolic acid, TGA, and glutathione, GSH) were synthesized. The QDs are: CdTe, CdTe/ZnO, CdTeSe, CdTeSe/ZnO and CdSe/ZnS (the last one for TGA only). Cytotoxicity of the QDs against MCF-7 epithelial breast cancer was evaluated. The TGA capped core QDs were found to be highly cytotoxic to the cell lines when compared to GSH capped ones. The glutathione capped QDs were covalently linked to zinc tetracarboxyphenoxy phthalocyanine (ZnTCPPc). Cytotoxicity and photophysicochemical properties of the conjugates were investigated. The toxicity of the core QDs was reduced in the presence of ZnTCPPc. Enhanced triplet quantum yields and long triplet lifetimes were obtained for ZnTCPPc in the presence of all QDs.