In this paper, InAs/ZnS mixed nanocrystals were synthesized by dry high-energy milling approach in the first step. The obtained nanocrystals were characterized from structural point of view by X-ray diffraction analysis and Raman spectroscopy, and from the morphological point of view by scanning electron microscopy. In the next step, the nanocrystals were subjected to wet ultra-fine milling in order to obtain a nanosuspension of chitosan-coated InAs/ZnS nanocrystals with bio-imaging properties. The stability of the nanosuspension was examined by zeta potential and particle size distribution measurements. The prepared nanosuspension was stable with high values of zeta potential. Its optical properties were also studied using UV-Vis and PL spectroscopies. The determined fluorescent properties confirming the potential in bio-imaging applications were verified on cancer cell lines Caco-2, HCT116, HeLa, and MCF7.