Quantum Dots (QDs) of CdSxSe1-x embedded in borosilicate glass matrix (BGM) have been grown using colored glass filter (RG695). Double-Step (DS) annealing method was adopted in which nucleation is achieved at a lower temperature (475°C) without any crystallization. To obtain crystallization on these nucleation centers, the annealing temperature is raised to 575°C at which the nucleation rate is negligible. QDs of various average radii and volume fractions are grown by varying the annealing duration from 3 to 11hrs. QDs corresponding to higher annealing duration are found to have low size dispersion (SD) and high volume fraction but weak quantum confinement, while, the QDs corresponding to lower annealing durations have high quantum confinement due to their much lower radii as compare to Bohr exciton radius, their SD is high and volume fraction low. For nonlinear optical applications the SD must be low and volume fraction should be high. Attempt has been made to optimize the two parameters. Further it has been concluded that there is no contribution of the band edge recombination to the PL and the origin of the PL is due to shallow traps existing in the volume of the QDs. Studies of absorption and PL have also been made on the samples aged for 18, 24 and 36 months. It is found that the effect of aging is to increase the absorption coefficient, reduce the shallow trap centers and reduce the SD.