The whole evolution processes, from precursors to quantum dots (QDs), were in situ investigated by SAXS and UV-vis. Diphenylphosphine (HPPh2) accelerates the dissolution of zinc oleate lamellar mesophase in the presence of selenide tri-n-octylphosphine (SeTOP) at a low temperature of 40 °C via the equilibrium of SeTOP + HPPh2 ⇔ SePPh2H + TOP.