A novel and facile method for the large scale synthesis of InPZnS alloy QDs was developed, which tune the optical properties by controlling the dodecanethiol to palmitic acid ratio. The absorption and emission peaks showed a blue-shift as the amount of DDT increased. The alloy structure was confirmed with TEM, elemental analysis, XRD and XPS, particularly, P2p peaks for In-P and InP-S bond in XPS analysis could give a clear evidence. The alloy QDs were overcoated with ZnS shell and the QY are in the ranges 20% - 45% for all wavelengths. Finally, a cadmium-free QD yield in a single reaction was determined to be 2.74 g.