Advances in the synthesis of nanomaterials have enabled control over their unique optical, electronic, magnetic and chemical properties stimulating tremendous interest across a wide range of disciplines. I will discuss about the synthetic technique which demonstrates how the thermodynamics of a material can be effectively used to obtain DMS (dilute magnetic semiconductors) quantum dots with varying transition metal ions which shows superior magnetic and optical properties. The observation of digestive ripening phenomena in case of a bimetallic nanocrystals will also be discussed. Unique optical and morphological properties of metal oxide nanostructures are advantageous for optoelectronic applications. I will also talk about the fabrication of a free-standing inorganic/organic hybrid structures of ZnO nanostructures with a conducting polymer,PEDOT:PSS, which performs as photodetectors. Overall, the synthesis of metal chalcogenides or metal oxides nanostructures, doping of metal chalcogenides with transition metal ions, steps to obtain inorganic/organic hybrid structures of ZnO and study of photodetection properties of these hybrid structures will be discussed.