ZnTe nanocrystals were successfully grown by heat-treating a host glass matrix that had been synthesized by fusion. Room temperature optical absorption and photoluminescence excitation spectra and atomic force microscopy images showed the formation of three well-defined, different sized groups of nanocrystals: quantum dots and bulk-like nanocrystals. Photoluminescence spectra showed emissions belonging to both of these groups as well as deep defects in the electronic structure of the ZnTe nanocrystals. Strong agreement between the fit of the model based in rate equation and the experimental integrated photoluminescence intensity data showed that this described the temperature dependent carrier dynamics of ZnTe nanocrystals.