In recent years, nanotechnology has become one of the most intensively studied fields. At the nanometer scale, materials have unique electrical, optical, magnetic and chemical properties. They can be used for a wide variety of applications such as electrooptical devices, tagging and medical applications. The goal of this study was to produce water-dispersible alloyed CdSexTe1-x semiconductor nanocrystals, which are suitable to interact with biomolecules. CdSexTe1-x nanocrystals were synthesized by a single step aqueous synthesis method. Monodisperse, CdSexTe1-x nanocrystals with zinc blende structure were obtained in water. Synthesized nanocrystals emit in the range from 528 nm to 620 nm. CdSexTe1-x nanocrystals have 17% photoluminescence quantum yield, after the CdS shell coating the photoluminescence quantum yield increased up to 22%. MTT test and Trypan Blue tests were used to evaluate the toxicity of CdSexTe1-x nanocrystals. MTT measurements reveal that the MCF7 cancer cells are not affected by the nanocrystals at any dosage and exposure condition, but lethal effects are determined at the concentration of 1.0ug/ml for the PC3 cells. The BEAS 2B cells are very sensitive to the nanocrystals and do not proliferate at concentration of 0.5ug/ml. Confocal microscopy studies show that the nanocrystals has ability to penetrate to the cytoplasm of cells.