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PbSe quantum dots (QDs) were grown in high-refractive-index low-melting-temperature lead-phosphate glass. The lowest energy exciton transition of the QDs was tuned over a wide range within the infrared spectral region (0.93–2.75 μm) by a controlled heat treatment. The measured QD radius ranged between 2 and 5.3 nm, with a time (t) dependence of t0.29 for long dwelling times during the heat treatment, indicating that the QD growth mechanism tends to follow Lifshitz-Slyozov-Wagner theory. The QD saturable absorber behavior at 1.2 μm had a measured saturation fluence of ~2.1 μJ/cm2.