Nanoparticles and nanostructural materials are central to fundamental studies, applications in nanoscience and nanotechnology, due to their novel electronic luminescent and magnetic properties that are not present in the bulk forms. Among the various nanostructural materials, Cadmium Selenide and other II-VI compound semiconductors are important for optoelectronic materials, which have been intensively studied due to their applications in light-emitting diodes, catalysis, solar cells and biomedical labeling. In the present investigations, Co (II) ion doped PVA capped CdSe nanoparticles are prepared at room temperature by using chemical vapour deposition method.