This work elucidated the detailed electrochemiluminescence (ECL) process of the thioglycolic acid-capped CdSe quantum dots (QDs) film/peroxide aqueous system. The QDs were first electrochemically reduced to form electrons-injected QDs approximately -1.1 V, which then reduced hydrogen peroxide to produce OH* radical. The intermediate OH* radical was a key species for producing holes-injected QDs. The ECL emission with a peak at -1.114 V was demonstrated to come from the 1Se-1Sh transition emission. Using thiol compounds as the model molecules to annihilate the OH* radical, their quenching effects on ECL emission were studied. This effect led to a novel strategy for ECL sensing of the scavengers of hydroxyl radical. The detection results of thiol compounds showed high sensitivity, good precision, and acceptable accuracy, suggesting the promising application of the proposed method for quick detection of both scavengers and generators of hydroxyl radical in different fields.