The room-temperature luminescence of single CdSe/ZnS core-shell quantum dots is investigated by spectrally and temporally resolved confocal microscopy. A large (30 nm) blue shift is observed in the emission wavelength during illumination in air. In nitrogen, no blue shift is observed. The blue shift in air is ascribed to a 1 nm shrinkage of the CdSe core by photooxidation. Photobleaching occurs about 4 times faster in air than in nitrogen, indicating the formation of nonradiative recombination centers during photooxidation. The initial light output is higher in air than in nitrogen, which may be due to a reduction of the defect state lifetime by oxygen.