Quantum dots (QDs) are nanosized semiconductor crystals. They are currently applied in different science fields such as medicine, namely, cancer diagnostics and treatment. QD toxicity is caused by the toxicity of their components. In vivo application of QDs requires their toxicity assessment, so the purpose of this work has been the estimation of acute and chronic toxicity of the QDs at Danio rerio embryos and larvae, QDs being composed of CdSe/CdS/ZnS/S,S-dihydrolipoic acid/polyacrylic acid. We have found no QD acute toxicity during 48 hours of QDs action at the embryo up to the concentration of 185 μM Cd. QDs have been found to be toxic only at 5–7 days of action, it shows that QDs act accumulatively. Beside lethality, we have observed different larval development defects, that is, differently localized edemas, lag of development, tail curvature, and swimming bladder malformation. Our experimental data as well as literature data show that toxicity of the quantum dots at Danio rerio embryos and larvae is primarily caused by toxic action of Cd2+ ion which arises from partial dissociation of CdSe and CdS molecules.