Quantum dots play a promising role in the development of novel optical and biosensing devices. In this study, we investigated steady state and time-dependent luminescence properties of InGaP/ZnS core/shell colloidal quantum dots in a solution phase at room temperature. The steady state experiments exhibited an emission maximum at 650 nm with full width at half maximum of ~ 85 nm, and strong first-excitonic absorption peak at 600 nm. The time-resolved luminescence measurements depicted a bi-exponential decay profile with lifetimes of τ1 ~ 47 ns and τ2 ~ 142 ns at the emission maximum. Additionally, luminescence quenching and lifetime reduction due to resonance energy transfer between the quantum dot and an absorber are demonstrated. Our results support the plausibility of using these InGaP quantum dots as an effective alternative to highly toxic conventional Cd or Pb based colloidal quantum dots for biological applications.