In this study, Eu3+ ion singly doped and Eu3+/Sm3+ ions co-doped ZnS semiconductor quantum dots (QDs) were successfully synthesized using a wet chemical method in 1-octadecene (ODE) solvent. The successful doping of Sm3+ and Eu3+ ions into the ZnS host lattice and the composition and valence of the elements present in the sample were confirmed by X-ray diffraction (XRD) and X-ray photoelectron spectroscopy (XPS). Structural and morphological studies revealed the presence of Eu3+-doped ZnS and Eu3+/Sm3+ co-doped ZnS QDs of about 3-4 nm size with a zinc blende structure. The Judd-Ofelt (J-O) intensity parameters of Eu3+-doped ZnS QDs were determined from their fluorescence spectra. The optical properties of Eu3+/Sm3+ co-doped ZnS QDs were studied by changing the Eu3+ ion concentration and fixing the Sm3+ ion concentration. The photoluminescence (PL) spectra of Eu3+/Sm3+ co-doped ZnS QDs were obtained at an excitation wavelength of 403 nm (6H5/2 → 6P3/2 transition of Sm3+ ions) in the 525-725 nm range. The effective energy transfer (ET) process from Sm3+ to Eu3+ ions was confirmed and explained in detail using the Reisfeld approximation and the Inokuti-Hirayama model. The CIE color coordinates of the Eu3+/Sm3+ co-doped ZnS QDs were obtained using PL spectral data. Eu3+/Sm3+ co-doped ZnS QDs exhibited a long lifetime and emitted warm red light. These interesting properties give Eu3+/Sm3+ co-doped ZnS QDs great potential for applications in photovoltaics, photocatalysis, and biomarkers.